Date: Tue, July 30, 2024, 10:45 AM GMT
Today, the cryptocurrency market is seeing a significant decline, with major altcoins experiencing sharp drops in their prices. The total cryptocurrency market cap has fallen by 3.30% to $2.39 trillion, following Bitcoin’s (BTC) price rejection from the $70K resistance level. Currently, Bitcoin is trading at $66,524, down by 4.16%.
Notable altcoins are feeling the impact:
- Render (RENDER) is down by 6.55%.
- Arweave (AR) has declined by 7.11%.
- Jupiter (JUP) is down by 7.15%.
Here’s Why Altcoins are Down Today:
1) US Government to Sell Entire Bitcoin Holdings, Warns Peter Schiff:
As reported by Coingape, Bitcoin critic Peter Schiff has predicted that the US government, under President Joe Biden, will sell all its Bitcoin holdings. This prediction follows the government’s recent move of $2 billion worth of Bitcoin to two new wallets. The transfer happened shortly after former President Donald Trump announced at the Bitcoin Conference 2024 that the US would retain its Bitcoin and designate it as a strategic reserve. Schiff’s warning has added to market fears, leading to a sell-off in cryptocurrencies.
2) Mt. Gox Prepares to Move the Remaining 80.5K Bitcoins:
After sending nearly 50K Bitcoins in the past two weeks to creditors on Kraken and Bitstamp, the defunct crypto exchange Mt. Gox is now planning to move the remaining 80.5K Bitcoins.
Data from Arkham Intelligence shows that a Mt. Gox address (12Rgp) transferred 0.02 BTC worth $1,350 to another address beginning with 1Adb. Similarly, the same address transferred 0.0001 BTC to an address starting with bc1q. These test transfers suggest that Mt. Gox is preparing to move the rest of its 80,128 BTC, valued at $5.35 billion. This large-scale movement of Bitcoins is causing uncertainty and contributing to the market downturn.
These factors are contributing to the current downturn in the cryptocurrency market, affecting not only Bitcoin but also various altcoins, including Render, Arweave and Jupiter.
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