Bitcoin is trading at around $60,000 after falling to a seven-week low on June 24. Negative sentiment has increased on news of outflows from Bitcoin spot exchange-traded funds, amounting to more than 1 billion USD in the last 10 days.
Additionally, rumors that Mt. Gox will begin selling $8.5 billion worth of Bitcoin to creditors, and Germany is also in the process of selling some Bitcoin from its reserves.
However, the CEO of cryptocurrency investment firm Galaxy Digital believe The market may be overreacting a bit to concerns about Mt. Gox.
Bitcoin miners have been selling more Bitcoin than usual amid a drop in network hashrate, which may also have contributed to weakening market sentiment.
Read more: Is it time to buy Bitcoin while prices are low?
