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.
Russia’s recent designation as a “high-income country” by the World Bank has sparked discussions about the role of Bitcoin (BTC) in this achievement.
BitMEX made headlines by transferring over $800 million worth of Bitcoin (BTC) in two significant transactions amidst market volatility.
As the US presidential election nears, crypto traders and analysts speculate a Donald Trump victory could significantly boost Bitcoin, per the Financial Times.
At a pivotal moment for the cryptocurrency world, FTX, the exchange that collapsed in November 2022 under the leadership of the convicted Sam Bankman-Freed, is about to pay out a whopping $16 billion to its customers.