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Bitcoin drops below $60,000 as Mt. Gox repayments trigger major selloff and market fear.

Market News
05 Jun 2026
Coincu
View Source
Bearish
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Bitcoin fell below the key $60,000 level after Mt. Gox began repaying creditors by transferring over 47,000 BTC from cold storage, sparking a sharp selloff. This move caused Bitcoin to drop nearly 7% in 24 hours and triggered $664.5 million in crypto liquidations, intensifying market fear. The breach of this psychological support level signals potential further downside, as traders watch if Bitcoin can reclaim $60,000 or if it turns into resistance. Future Mt. Gox repayments may continue to pressure the market in stages, keeping volatility high.

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