Bitcoin
Bitcoin Falls Below $68K After Mt.Gox Transfers $9 Billion
After rising above $70,000 on Monday, the price of Bitcoin fell below $68,000 on Tuesday morning when the now-defunct Bitcoin exchange Mt. transferred more than $9 billion in Bitcoin to an unknown wallet, possibly to pay his creditors.
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The transfer of more than 140,000 Bitcoins added pressure to the crypto market, sending the top cryptocurrency down 1.4% to $67,680 on Tuesday morning.
Tokyo-based Gox, once the world’s largest Bitcoin exchange, lost hundreds of thousands of Bitcoin after a hack and declared bankruptcy in 2014, owing creditors 45 billion yen ($414 million). Creditors have been waiting for repayment of their assets ever since.
With the latest Bitcoin transfer, Mt. Gox has made its first transaction in over five years. This is probably part of a plans to distribute the assets back to creditors before October 31, 2024.
Overall, the crypto market was sluggish on Tuesday morning, with Ether hovering around $3,900, down 0.33%. Dogecoin and Cardano fell 2.4% and 1% respectively. Meanwhile, Solana jumped 2.6% following news that your validators would receive additional fees.
Bitcoin and Ether ETF Markets Expected to Reach $450 Billion
Meanwhile, Bernstein is bullish on Bitcoin and Ether ETFs. In a report published on Tuesday, the brokerage stated that the Bitcoin and Ether exchange-traded fund (ETF) markets are expected to experience substantial growth, potentially reaching a combined value of $450 billion. CoinDesk Reports. Bernstein said the US-approved Ether spot ETF has positive implications for rival tokens like Solana, according to the report.
Earlier this month, analysts at Bernstein predicted that Bitcoin would reach US$150,000 in 2025 and that by the end of the year, the main cryptocurrency reach US$90,000.