After Kraken finished distributing Bitcoin and Bitcoin Cash tokens to Mt. Gox creditors, another exchange has started the distribution process.
Bitstamp has officially started distributing crypto coins to Mt. Gox creditors.
This could be another sell-off event that could put additional preassure to Bitcoin’s price and extend the downturn.
At the time of writing Bitcoin is trading at $64,250 after a 3.25% decline in the past 24 hours and has a trading volume of around $35.3 billion.
The whole cryptocurrency market lost 4.34% in the past 24 hours, dropping to $2.31 trillion, following the massive stock market crash that liquidated over $1 trillion.
This stock market crash has been the worst 1-day drop since 2022 and the market optimism is waning.
Lookonchain, a smart whale tracking service, recently revealed that Galaxy Digital moved a substantial amount of Bitcoin to Coinbase Prime.
Arthur Hayes, co-founder and former CEO of BitMEX, is cautiously optimistic about Bitcoin’s potential rebound after a tough period.
Despite the growing prominence of cryptocurrencies, Bank of New York Mellon CEO Robin Vince is confident that the US dollar will retain its lead in the global financial arena.
In the third quarter, the cryptocurrency market experienced its most significant downturn of the year. Bitcoin (BTC), the sector’s leading asset, saw its value drop to $52,598.70, marking an 8% decline in August that has extended into September.