Why is the crypto market down today?
Mt. Gox’s multi-billion dollar Bitcoin transfer to an unknown address is the main culprit behind today’s crypto market’s underperformance, followed by flatlining BTC ETF inflows.
The cryptocurrency market’s net capitalization dropped by approximately 3% to reach $2.465 trillion on May 28. Leading these losses are top coins, Bitcoin (BTC) and Ether (ETH), which have dropped by cir 3% and 2.30%, respectively.
The crypto market capitalization’s decline today coincides with the transfer of $9 billion worth of Bitcoin from Mt. Gox wallets to an unknown address.
Recent wallet activity indicates that the funds were moved through thirteen transactions. A likely test transaction worth $3 occurred on May 20, followed by a smaller $160 transaction during the May 28 Asian session. The remaining transactions ranged from $1.2 million to $2.2 billion worth of Bitcoin.
Mt. Gox’s multi-billion dollar Bitcoin transfer to an unknown address is the main culprit behind today’s crypto market’s underperformance, followed by flatlining BTC ETF inflows.
The cryptocurrency market’s net capitalization dropped by approximately 3% to reach $2.465 trillion on May 28. Leading these losses are top coins, Bitcoin (BTC) and Ether (ETH), which have dropped by cir 3% and 2.30%, respectively.The crypto market capitalization’s decline today coincides with the transfer of $9 billion worth of Bitcoin from Mt. Gox wallets to an unknown address. Recent wallet activity indicates that the funds were moved through thirteen transactions. A likely test transaction worth $3 occurred on May 20, followed by a smaller $160 transaction during the May 28 Asian session. The remaining transactions ranged from $1.2 million to $2.2 billion worth of Bitcoin.Read more