- Top altcoins including NOT, ONDO, JASMY, ORDI, TIA, JUP, PYTH, OM and ENA are all trading down over 5% in the last 24 hours.
- Ethereum dropped 1.47% to $3,400 despite the launch of Ethereum Spot ETF trading, following a classic 'Buy the Rumor, Sell the News' pattern.
- Bitcoin fell 1.83% below $66,000 as defunct exchange Mt. Gox transferred over $2.85 billion worth of Bitcoin, with some sent to Bitstamp exchange.
- The Mt. Gox transfers are historically linked to market sell-offs and are contributing to the broader cryptocurrency market downturn.
Date: Tue, July 23, 2024, 6:10 PM GMT
Today in the cryptocurrency market today, the altcoins sector is seeing a downturn in prices. Top altcoins like NOT, ONDO, JASMY, ORDI, TIA, JUP, PYTH, OM and ENA are all trading in the red with a drop of over 5% in last 24 hr..
Here’s Why:
- Ethereum Spot ETF:
Today was a big day for the crypto world as the Ethereum Spot ETF trading began. However, the price of Ethereum dropped to $3,400, down by 1.47%. This is a classic example of “Buy the Rumor, Sell the News.” Usually investors sell off on this kind of big event, which leads to a to a price drop. - Mt. Gox:
Bitcoin ($BTC) is trading under $66,000, experiencing a slight decline of 1.83%. This drop comes as the defunct crypto exchange Mt. Gox initiates another significant transfer of its assets today. The transaction, worth over $2.85 billion, involves moving Bitcoin between wallets. A portion of this transfer was sent to the crypto exchange Bitstamp, a move historically linked to market sell-offs.
These factors are contributing to the current downturn in the cryptocurrency market, impacting not only Bitcoin but also various altcoins.
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