The total crypto market cap is down around 1.3% in the last 24 hours. Bitcoin’s price itself has dropped similarly and is now trading around $66,500 after failing to break the $68,200 resistance yesterday.
While the downturn isn’t particularly significant, most top altcoins are down 3-5% respectively, including Cardano, Toncoin, and Kaspa.
What you'll learn 👉
Mt. Gox Bitcoin Transfers
The main reason for today’s sluggish market is likely Mt. Gox transferring Bitcoin. LookOnChain reported that Mt. Gox moved 42,587 BTC (worth approximately $2.85 billion) about an hour ago.
Part of this amount or 5,110 BTC ($341.75 million) was transferred to an internal wallet, and 37,477 BTC ($2.51 billion) was moved to a new wallet.
Notably, around $130 million was transferred to Bitstamp, which could be a sign of a potential sell-off.
If Mt. Gox indeed sells all $2.8 billion worth of Bitcoin, it might put additional selling pressure on the BTC price. In that case, we should watch the $63,440 and $65,470 area, where 1.89 million addresses bought 1.23 million BTC, according to Ali’s tweet last night.
Potential Catalysts
On top of the recent Bitcoin halving in April and the approval of Bitcoin ETFs earlier this year, we have several potential catalysts that can motivate crypto traders to go through this period easily.
Also, ETH ETFs should start trading today and this could bring new institutional investors into crypto. This development may introduce fresh dynamics to the market. It also opens the door for next ETFs, for example Solana?
Additionally, the upcoming U.S. presidential election in November nears. With pro-crypto candidate Trump currently favored to win, this could be another positive catalyst for crypto.
These factors, combined with the ongoing maturation of the crypto market, suggest that despite short-term fluctuations, there may still be room for growth in the coming months.
Read also: Here’s SEC’s Agenda for the Ripple Meeting as XRP Price Pumps
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