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.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.
Philippe Laffont, the billionaire behind Coatue Management, is beginning to question his stance on Bitcoin.
Personal finance author Robert Kiyosaki is urging investors to rethink their approach to money as digital assets reshape the economic landscape.