BTC falls near $42K on Mt Gox repayment rumours
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) nosedived in the past 24-hours, struck by rumours of Mt Gox, the infamous crypto exchange that suffered a major hack decade ago, is believed to have begun the process of repaying its customers for the 850,000 lost Bitcoin. The rumor created a massive stir among investors, causing a shockwave in the market and, hence, triggering a liquidation pressure.
Apparently, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, slumped towards $42.000 mark. It was recently trading at $42,415, down 2.5%. Taking a cue from bitcoin’s price slid, Ethereum (ETH), the second largest cryptocurrency, lost 1.8% to recently change hands at $2,227.
The price movement of other large-cap tokens such as XRP, Solana, Cardano, Avalanche, etc reflects the uncertainty caused by the Mt. Gox repayment proceedings. Binance token has maintained its defiant mode while Solana blockchain’s native token SOL pared some of its gains but was still holding $100 mark.
As a result, the global crypto market cap decreased by 1.9% to $1.65 trillion in the last 24 hours. Conversely, the total crypto market volume rose 7.1% to $81.7 billion. Total volume in DeFi is currently $9.4 billion, and all stablecoins are $73 billion, representing 11.6% and 89.4%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.3%, down 0.3% over the day.
The IC15 index, the barometer of the top fifteen tokens, slumped 2.1% to 54,945.
Meanwhile, no Bitcoin outflows have been recorded from the Mt. Gox Trustee wallet at this time.
Elsewhere, Barry Silbert – the Chairman of Digital Currency Group (DCG), which owns Grayscale Investment, has decided to step down and will be replaced by by Mark Shifke. Silbert is facing charges of defrauding investors worth more than $1 billion. Mark Murphy, DCG’s president, also resigned from the board.
Grayscale’s application to turn its Bitcoin Trust (GBTC) into a U.S. spot exchange-traded fund (ETF) is being considered by the Securities and Exchange Commission.
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