Bitcoin may have hit a local bottom after a massive sell-off in June, according to a new report from Bitfinex analysts on July 8.
The price of Bitcoin fell to as low as $53,219 on July 3 as fear, uncertainty and doubt increased related to the launch of repayments to Mt. Gox creditors and other issues.
Bitcoin may have hit a local bottom based on weekend market data, Bitfinex analysts said on July 8, even though Mt. Gox has yet to distribute 94,457 BTC — about 67% of the total BTC repayments collected for creditors.
Bitfinex also mentioned that the decline in Bitcoin was partly due to the fact that the German law enforcement agency, the Federal Criminal Police (BKA), began selling Bitcoin on the exchange platform, leading to a large-scale sell-off by different types of investors.
According to Bitfinex, there are multiple reasons why Bitcoin should stop falling soon. (Cointelegraph)
