Bitcoin's price dropped over 5% on June 24, falling below $60,000 for the first time since May.

The drop followed news of Mt. Gox's plans to distribute $9 billion in digital assets to creditors, including $50 million in bitcoin cash.

This announcement led to over $200 million in long positions being liquidated, causing increased market volatility.

Mt. Gox, the former largest bitcoin exchange, will start distributing the cryptocurrency next month to repay creditors from past hacks.

Despite the downturn, experts believe the market impact may be overestimated due to potential capital gains tax implications for creditors.

Meme coins like Dogecoin and Shiba Inu also saw declines as Bitcoin's price fell below $64,000.

Traders are urged to be cautious and conduct thorough research before investing in crypto assets during this turbulent period.

Bitcoin is currently trading at $59,026, down 8.3% in the last 24 hours, with the market preparing for the upcoming Mt. Gox distributions.

Analysts warn of potential risks and uncertainties, including a possible crash due to the Mt. Gox payout in July 2024.

One analyst remains bullish on Bitcoin's long-term potential, predicting a price target of $500,000 within the next year if buyers drive the market.

Institutional inflows, particularly through spot Bitcoin ETFs, are expected to boost prices despite potential obstacles like the Mt. Gox BTC sale.