{"id":626095,"date":"2025-06-24T14:30:35","date_gmt":"2025-06-24T14:30:35","guid":{"rendered":"https:\/\/wncen.com\/?p=626095"},"modified":"2025-06-24T12:18:55","modified_gmt":"2025-06-24T12:18:55","slug":"bitcoin-price-crashes-below-61000-reasons","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crashes-below-61000-reasons\/","title":{"rendered":"Bitcoin Price Crashes Below $61,000: The Main Reasons"},"content":{"rendered":"

In the last 24 hours, the Bitcoin (BTC) price fell by up to 4.8%, plummeting to a new low of $60,601 after trading above $64,000 just a day earlier. This decline can be attributed to a combination of factors, including developments from the Mt. Gox saga, a significant liquidation of long positions, and ongoing miner capitulation.<\/p>\n

#1 Mt. Gox News Shakes Market Confidence<\/h2>\n

The sudden and steep decline from $62,900 to $60,601 in Bitcoin\u2019s price coincided closely with a new announcement from the trustees of the defunct Bitcoin exchange, Mt. Gox. This exchange, central to one of the earliest and largest Bitcoin thefts, declared it would start repaying victims using the stolen assets from a 2014 hack in July 2024.<\/p>\n

According to Nobuaki Kobayashi, the rehabilitation trustee, the repayment process will include Bitcoin (BTC) and Bitcoin Cash (BCH) and start in early July. \u201cThe Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan […] The repayments will be made from the beginning of July 2024,\u201d the announcement<\/a> reads.<\/p>\n

Related Reading: Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000<\/a><\/div>\n

This news was perceived negatively by the market, primarily due to fears of oversupply from beneficiaries likely selling off assets that have massively appreciated since their initial investment period before 2013. In May 2023, the trustee moved over 140,000 BTC, worth approximately $9 billion.<\/p>\n

This transaction was significant as it was the first movement of these funds in five years, tracked closely by analysts and traders. Market reactions were immediate; Bitcoin prices tumbled as speculations<\/a> about potential market flooding with these repaid coins took hold.<\/p>\n

#2 Record Liquidations Of Long Positions<\/h2>\n

Adding to the downward pressure, there was a notable surge in the liquidation of long BTC positions. According to the latest data<\/a> from Coinglass, a staggering $85.4 million worth of long positions were liquidated. This event marks the largest liquidation since April 30 and May 1, when over $195 million ($95 million and $100 million respectively) in longs were liquidated, correlating with a 12.5% price drop over those two days.<\/p>\n

Such liquidations occur when the market price reaches the liquidation price of leveraged positions, triggering automatic sell-offs to cover the losses, further driving the price down. This cascade effect contributes significantly to rapid price declines and increased market volatility.<\/p>\n

#3 Ongoing Miner Capitulation Adds To Sell Pressure<\/h3>\n

The third critical factor affecting Bitcoin\u2019s price is the ongoing miner capitulation. Miner capitulation refers to a situation where miners, particularly those operating with marginal efficiency, begin selling their mined BTC to cover operational costs due to unprofitability. This phase can exert substantial downward pressure on Bitcoin prices as it increases the supply of Bitcoin being sold in the market.<\/p>\n

Related Reading: Bitcoin Drops Below $64,000, But Arthur Hayes Advocates \u2018Buy The Dip\u2019<\/a><\/div>\n

As reported<\/a> by NewsBTC, renowned crypto analyst Willy Woo and others have pointed out that miner capitulation is a crucial phase to monitor, especially following the Bitcoin halving<\/a> events that reduce miner rewards by half, thereby straining their profitability. Woo noted recently that the recovery from such capitulations has historically been slow and tied closely to the resurgence in mining activity and hash rates.<\/p>\n

Crypto expert Jelle, speaking via X, highlighted<\/a> the ongoing nature of this capitulation today, saying, “Hash Ribbons are showing that miner capitulation is ongoing — exactly what you want to see post-halving. Generally speaking, the market starts rallying once that capitulation phase comes to an end.”<\/p>\n

At press time, BTC traded at $61,241.<\/p>\n

\"Bitcoin
BTC price dropped below $61,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In the last 24 hours, the Bitcoin (BTC) price fell by up to 4.8%, plummeting to a new low of $60,601 after trading above $64,000 just a day earlier. This decline can be attributed to a combination of factors, including developments from the Mt. Gox saga, a significant liquidation of long positions, and ongoing miner capitulation. #1 Mt. Gox News Shakes Market Confidence The sudden and steep decline from $62,900 to $60,601 in Bitcoin\u2019s price coincided closely with a new announcement from the trustees of the defunct Bitcoin exchange, Mt. Gox. This exchange, central to one of the earliest and largest Bitcoin thefts, declared it would start repaying victims using the stolen assets from a 2014 hack in July 2024. According to Nobuaki Kobayashi, the rehabilitation trustee, the repayment process will include Bitcoin (BTC) and Bitcoin Cash (BCH) and start in early July. \u201cThe Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan […] The repayments will be made from the beginning of July 2024,\u201d the announcement reads. Related Reading: Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000 This news was perceived negatively by the market, primarily due to fears of oversupply from beneficiaries likely selling off assets that have massively appreciated since their initial investment period before 2013. In May 2023, the trustee moved over 140,000 BTC, worth approximately $9 billion. This transaction was significant as it was the first movement of these funds in five years, tracked closely by analysts and traders. Market reactions were immediate; Bitcoin prices tumbled as speculations about potential market flooding with these repaid coins took hold. #2 Record Liquidations Of Long Positions Adding to the downward pressure, there was a notable surge in the liquidation of long BTC positions. According to the latest data from Coinglass, a staggering $85.4 million worth of long positions were liquidated. This event marks the largest liquidation since April 30 and May 1, when over $195 million ($95 million and $100 million respectively) in longs were liquidated, correlating with a 12.5% price drop over those two days. Such liquidations occur when the market price reaches the liquidation price of leveraged positions, triggering automatic sell-offs to cover the losses, further driving the price down. This cascade effect contributes significantly to rapid price declines and increased market volatility. #3 Ongoing Miner Capitulation Adds To Sell Pressure The third critical factor affecting Bitcoin\u2019s price is the ongoing miner capitulation. Miner capitulation refers to a situation where miners, particularly those operating with marginal efficiency, begin selling their mined BTC to cover operational costs due to unprofitability. This phase can exert substantial downward pressure on Bitcoin prices as it increases the supply of Bitcoin being sold in the market. Related Reading: Bitcoin Drops Below $64,000, But Arthur Hayes Advocates \u2018Buy The Dip\u2019 As reported by NewsBTC, renowned crypto analyst Willy Woo and others have pointed out that miner capitulation is a crucial phase to monitor, especially following the Bitcoin halving events that reduce miner rewards by half, thereby straining their profitability. Woo noted recently that the recovery from such capitulations has historically been slow and tied closely to the resurgence in mining activity and hash rates. Crypto expert Jelle, speaking via X, highlighted the ongoing nature of this capitulation today, saying, “Hash Ribbons are showing that miner capitulation is ongoing — exactly what you want to see post-halving. Generally speaking, the market starts rallying once that capitulation phase comes to an end.” At press time, BTC traded at $61,241. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":626096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,1122,1144,91854,91855],"class_list":["post-626095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-why-is-bitcoin-down-today","tag-why-is-bitcoin-price-down-today"],"acf":[],"yoast_head":"\nBitcoin Price Crashes Below $61,000: The Main Reasons<\/title>\n<meta name=\"description\" content=\"In the last 24 hours, the Bitcoin price fell by up to 4.8%, plummeting to a new low of $60,601 after trading above $64,000 yesterday.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Crashes Below $61,000: The Main Reasons","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crashes-below-61000-reasons\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crashes-below-61000-reasons\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1403742822.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1403742822.jpg?fit=1254%2C836"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc price","btcusd","why is bitcoin down today","why is bitcoin price down today"],"dateCreated":"2025-06-24T14:30:35Z","datePublished":"2025-06-24T14:30:35Z","dateModified":"2025-06-24T14:30:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Crashes Below $61,000: The Main Reasons\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-crashes-below-61000-reasons\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-crashes-below-61000-reasons\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/iStock-1403742822.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/iStock-1403742822.jpg?fit=1254%2C836\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"why is bitcoin down today\",\"why is bitcoin price down today\"],\"dateCreated\":\"2025-06-24T14:30:35Z\",\"datePublished\":\"2025-06-24T14:30:35Z\",\"dateModified\":\"2025-06-24T14:30:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1403742822.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/626095"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=626095"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/626095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/626096"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=626095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=626095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=626095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}