Top Altcoins Are Trading in Red Today- Here is Why

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:

1. 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 $3,400, down by 1.47%. This is a classic example of “Buy the Rumor, Sell the News.” Usually investors sell off on this kind of big event, which leads to a to a price drop.
2. Mt. Gox:
   Bitcoin ($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.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice.