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Bitcoin, Dogecoin, Ethereum Slide Over Fears Of Mt. Gox's Billion-Dollar Transfers: King Crypto Consolidation Likely Between $60K-$70K, Says Analyst
Published May 29, 2024 03:00
Updated May 29, 2024 04:10
© Reuters. Bitcoin, Dogecoin, Ethereum Slide Over Fears Of Mt. Gox\'s Billion-Dollar Transfers: King Crypto Consolidation Likely Between $60K-$70K, Says Analyst
Benzinga - by Aniket Verma, .
The cryptocurrency market edged lower on Tuesday as Mt. Gox's Bitcoin transfer worth billions of dollars kept investors largely averse.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -1.34% | $68,346.62 |
| Ethereum (CRYPTO: ETH) | -0.98% | $3,844.84 |
| Dogecoin (CRYPTO: DOGE) | -1.69% | $0.1652 |
What Happened: The world's largest digital asset, Bitcoin, slipped below $68,000 during U.S. trading hours before recovering back to the $68,000 zone on Tuesday night EDT.
The hype around Ethereum spot ETFs also fizzled out as the second-largest cryptocurrency fell below $3,900.
On Monday, the defunct exchange Mt.Gox transferred Bitcoin worth billions to different wallets for the first time in nearly five years, triggering concerns of a sell-off. However, an official statement by the exchange denied the immediate sale of the coins.
The market drop resulted in the liquidation of $152 million worth of positions in the last 24 hours, with long liquidations accounting for 71% of the total. Ethereum led with $38.55 million in liquidations.
Interestingly, Bitcoin's Open Interest rose 0.19% in the last 24 hours. An increase in Open Interest alongside a price decrease typically indicates that new short positions were opened, a sign of bearish sentiment.
This was backed up by an increase in the number of short positions taken for the asset vis à vis longs in the last few hours.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Celestia (TIA) | +15.09% | $11.59 |
| Chiliz (CHZ) | +11.44% | $0.1519 |
| dogwifhat (WIF) | +11% | $3.75 |
The global cryptocurrency market cap stands at $2.57 trillion, following a 1.01% dip in the last 24 hours.
Stocks were a mixed bag on Tuesday. The tech-heavy Nasdaq Composite was catalyzed by a jump in shares of Nvidia Corp. (NASDAQ:NVDA), ending 0.59% higher to 17,019.88, breaking the 17,000 level for the first time.
The Dow Jones Industrial Average slid 0.55% to end at 38,852.86, while the S&P 500 gained 0.02% to close at 5,306.04.
In an interview with CNBC, Minneapolis Federal Reserve Bank President Neel Kashkari said that "many more months" of positive inflation data were needed to justify a rate cut. He even predicted the possibility of the Fed hiking rates again
This week, investors will pay special attention to the personal income and expenditures report due to be released on Friday.
See More: Best Cryptocurrency Scanners
.Analyst Notes: Well-known cryptocurrency analyst Rekt Capital noted the formation of a new local top as a result of the recent rally.
“Ultimately, history suggests Bitcoin is going to likely continue consolidating between ~$60000 & ~$70000," the analyst remarked.
#BTCBitcoin is increasingly showing signs that this recent rebound has fed into the formation of another local top (blue square)
Ultimately, history suggests Bitcoin is going to likely continue consolidating between ~$60000 & ~$70000$BTC #Crypto #Bitcoin https://t.co/gQCeO1j2Go pic.twitter.com/QbV8DigdCA
— Rekt Capital (@rektcapital) May 28, 2024
On-chain analytics firm Santiment noted a major shake-up in Bitcoin's supply tier holdings due to Mt.Gox's recent transfers.
However, in an optimistic take, the firm added that the development won't have a "major" impact on prices
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