Markets
Mt. Gox jitters hurt cryptocurrency markets
Crypto markets Bitcoin’s stock price has fallen in the past 24 hours amid reports that former Bitcoin exchange Mt Gox is reportedly conducting wallet-to-wallet transfers as well as transfers to a cryptocurrency exchange, implying potential sales. Anxiety ahead of the US PCE-based inflation numbers due on July 26, as well as the Fed’s interest rate decision due on July 31, have exacerbated bearish market sentiment.
The overall cryptocurrency market capitalization decreased to $2.43 trillion from $2.44 trillion the previous day.
Bitcoin has fallen more than half a percent in the past 24 hours to trade at $66,849.90, about 9% below its all-time high. The 24-hour trading range was between $68,267 and $66,292. Bitcoin is holding weekly gains of 6.7% and year-to-date gains of 58%. Bitcoin currently dominates 54.3% of the overall cryptocurrency market.
The latest data from Farside Investors showed net inflows of $534 million into Bitcoin Spot ETF products in the US on Monday, compared to net inflows of $427 million on Friday. iShares Bitcoin Trust (IBIT) which saw inflows of $527 million made up the bulk of the inflows.
Ethereum gained 1% over the past 24 hours to trade at $3,513.73 as markets welcomed the expected launch of spot Ether ETF products on Tuesday.
According to reports from Bloomberg analysts James Seyffart and Eric Balchunas, markets expect the Grayscale Ethereum Mini Trust (ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), iShares Ethereum Trust (ETHA), Invesco Galaxy Ethereum ETF (QETH), as well as the Grayscale Ethereum Trust (ETHE), which has been converted to a spot ETF, to begin trading on Tuesday.
The Grayscale Ethereum Trust (ETHE), Grayscale Ethereum Mini Trust (ETH), and Bitwise Ethereum ETF (ETHW) would be listed on the New York Stock Exchange, while the iShares Ethereum Trust (ETHA) would be listed on the Nasdaq. The remaining 5 ETFs would be listed on the CBOE exchange.
The 24-hour trading range was between $3,517 and $3,426. Ether holds weekly gains of 4.6% and year-to-date gains of 54%. Ether currently dominates 17.4% of the overall cryptocurrency market.
The 4th ranked BNB (BNB) fell 1.5% overnight to trade at $584.77. The 5th ranked Solana (SOL) edged down 0.23% over the past 24 hours to trade at $177.56.
XRP, ranked 7th, gained 0.9% overnight to trade at $0.601. With a loss of over 2% in 2024, XRP is the highest-ranked cryptocurrency to trade in the red zone year-to-date.
Dogecoin (DOGE), ranked 8th, fell 0.9% overnight to trade at $0.1361. Toncoin (TON), ranked 9th, lost 2.3% overnight to trade at $6.91. TON has gained 200% in 2024.
Cardano (ADA), ranked 10th, fell 2.1% overnight to trade at $0.4248, bringing year-to-date losses to more than 28%.
Ethereum Name Service (ENS), ranked 74th, outpaced overnight gains with a 4.4% increase. Ranked 98th, Cat in a Dog World (MEW) and ranked 77th, Starknet (STRK) followed with gains of over 3%.
Mog Coin (MOG), ranked 93rd, overcame its overnight losses with a decline of nearly 11%. Bonk (BONK), ranked 50th, and Notcoin (NOT), ranked 57th, followed with losses of over 8% over the past 24 hours. FLOKI (FLOKI), ranked 52nd, also lost 7.9% over the past 24 hours.
Meanwhile, WazirX, the India-based cryptocurrency exchange that suffered a $230 million exploit last week, has announced an increase in the white hat recovery reward to 10%, or up to $23 million. The cryptocurrency exchange has enlisted white hat hackers, blockchain forensics experts, and cybersecurity professionals from around the world to join this critical mission.
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by Avila SebastianEditor of RTTNews
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