Summary:
Bitcoin drops to $65,500, a 4% decline in 24 hours.
Bitcoin Cash falls over 7%, with altcoins down 4%-5%.
Mt. Gox creditors starting to receive assets, causing sell pressure.
$9 billion worth of assets distributed raises concerns over market impact.
Ether (ETH) remains stable below $3,500, supported by strong ETF trading volumes.
Bitcoin Market Overview
Bitcoin has recently slipped to $65,500, marking a nearly 4% decline in the past 24 hours. This downturn comes as Mt. Gox creditors start receiving their assets via Kraken, exerting significant sell pressure on the market.
Altcoin Performance
In addition to Bitcoin's decline, Bitcoin Cash (BCH) has suffered a 7% drop. Other major cryptocurrencies such as Solana (SOL), Ripple (XRP), and Cardano (ADA) saw reductions between 4% and 5%. Notably, Ether (ETH) managed to remain mostly flat, trading below $3,500 due to strong trading volumes from U.S.-listed spot ETFs.
Mt. Gox Distribution Impact
The Mt. Gox estate, which collapsed after a major hack in 2014, has begun transferring assets to creditors, with nearly $9 billion worth of Bitcoin and Bitcoin Cash in circulation. As these creditors receive their assets, many investors are concerned about potential selling in the open market. This anxiety has historically led to negative price reactions to Mt. Gox-related transfers.
Earlier today, Bitcoin briefly fell to nearly $66,000 following reports of a $2.8 billion transfer from Mt. Gox wallets, including $130 million in BTC to Bitstamp, signaling imminent distributions to creditors.
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