Bitcoin (BTC), like most of the cryptocurrency market, saw a price correction today.
Amid fears of a sell-off by users of the failed crypto exchange Mt. Gox, who soon start receiving their benefits, the panic in the market is palpable. The German government’s wallet, which holds over $2.6 billion in crypto, appears to have begun to transfer its tokens, adding to the bearish outlook.
Bitcoin it briefly fell below $60,000, but at the time of writing it recovered to the price of $60,350 with a 4.2% drop in the last 24 hours and a trading volume of $25.7 billion. BTC’s market cap now stands at $1.18 trillion.
TradingView’s 14-day technical analysis shows an extremely pessimistic picture – the summary points to “sell” with 12 signals, the moving averages show “strong sell” with 2 signals and the oscillators with XNUMX signals.
Ethereum also saw a significant drop of 4.4% in the last 12.65 hours with a trading volume of $3,295 billion and is trading at $XNUMX.
The market’s total market capitalization fell 3.78% to $2.23 trillion.
For the last 24 hours $163.79 million was liquidated from the cryptocurrency market ($142.23 million in longs and $21.56 million in shorts)
The biggest loser was Bittsensor, which fell 13.6 to $235 after the message for a recent hack.
Quite a few market participants maintain a positive outlook for Bitcoin as the fourth quarter approaches, driven by stable macroeconomic factors and institutional investment.
Speculation surrounding the mysterious identity of Satoshi Nakamoto, the founder of Bitcoin, has grown with the release of information about a new HBO documentary.
Interaction with regulators is essential for the Bitcoin (BTC) mining industry.
André Dragosch from Bitwise has highlighted a worrying trend in Bitcoin spot exchanges, reporting a decline in net buying volumes over the past three days.