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Bitcoin Slips to Near $65K as Mt. Gox Creditors Receive Assets on Kraken
Bitcoin cash led with a 7% decline, while Solana's SOL, Ripple's XRP and Cardano's ADA also dropped 4%-5% as the news of the Mt. Gox distribution weighed on sentiment.
Updated Jul 23, 2024, 8:36 p.m. Published Jul 23, 2024, 8:33 p.m.
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Cryptocurrencies slid Tuesday as Kraken started to distribute assets to creditors of defunct exchange Mt. Gox, with the potential sell pressure weighing on the market.
Bitcoin tumbled to $65,500, down nearly 4% over the past 24 hours, while bitcoin cash plummeted more than 7% over the same period.
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The broad-market crypto benchmark CoinDesk 20 Index declined 3%, with altcoin majors solana {{SOL}}, Ripple's XRP {{XRP}} and Cardano's ADA down 4%-5%.
Ether {{ETH}} outperformed most assets, trading mostly flat below $3,500, supported by the U.S.-listed spot exchange-traded funds (ETF) booking strong trading volumes on their debut day.
The price action happened as multiple creditors reported to receive their cryptos after ten years of waiting from the estate of Mt. Gox, a one-time crypto exchange giant that imploded in 2014 after a hack. The estate started this month to transfer assets to several crypto exchanges, where users will be able to reclaim assets over the next weeks.
Kraken started distributing Gox coins pic.twitter.com/cOxXQaC5p0
— punch (@Punch0x1) July 23, 2024
The imminent distribution of nearly $9 billion worth of BTC and BCH has been a top source of concern for digital asset investors, pondering how much of those assets creditors will sell on the open market to capitalize on the massive price appreciation over the past ten years.
Crypto prices often reacted negatively to news about Mt. Gox-related blockchain transfers recently. Earlier today, bitcoin slipped to near $66,000 after Mt. Gox wallets moved $2.8 billion worth of assets, including $130 million in BTC to Bitstamp, foreshadowing distribution to creditors.
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Bitcoin sinks to $66,000, U.S. stocks lose steam as Fed minutes mention possible rate hike
Bitcoin is now on track for its fifth consecutive weekly decline, and losing this level could open the floor for a fresh leg lower.
What to know:
- Bitcoin fell back to $66,000 on Wednesday afternoon, testing the lower end of its recent trading range.
- Crypto-related stocks reversed early gains, with Coinbase swinging from a 3% morning rise to a 2% loss and Strategy slipping about 3%.
- Surprisingly hawkish Fed minutes had the U.S.dollar strengthening, putting pressure on risk assets.
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