First Mover Americas: Bitcoin Dips as Mt. Gox Transfers $3 Billion in BTC (Bitcoin Market)

The latest price moves in crypto markets in context for July 16, 2024 (LPM-Latest Price Moves)

Bitcoin's value has dropped after Mt. Gox moved $3 billion worth of BTC. This big transfer has made people in the crypto world pay attention, as they worry about how it might affect the market.

Mt Gox used to be an exchange. Since 2014, it has been working to pay back its creditor and investors. This recent large transfer of Bitcoin has made investors nervous about more market ups and downs and possible sell-offs.

As Bitcoin's price goes down, the market is still uncertain. Traders and analysts are watching closely for any new changes. The Mt. Gox transfer shows how past events can still affect the crypto market today.

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Bitcoin dipped below $63,000 as selling pressure from Mt. Gox resurfaced. During Asian trading hours, BTC had tried to climb back above $65,000 but then slipped 3% when a wallet linked to Mt. Gox moved nearly $2.99 billion worth of bitcoin. This move was likely part of Mt. Gox’s plan to repay its creditors. The funds could then be listed on exchanges on 07-23. On Monday, Ether saw gains of 7.3%, outpacing Bitcoin. ETH is currently sitting at around $3,410, which is a 2.2% increase in the last 24 hours.

According to a research report by Citi, Ether ETFs could see inflows of around 30%-35% of the level that Bitcoin products experienced. This translates to about $4.7 billion to $5.4 billion in net inflows over six months. However, the actual inflows might be lower. The report notes that while ETH has long-term diversification benefits due to its wider range of uses, this isn't the case right now. Analysts added that investors might split their crypto investments between Bitcoin and Ether ETFs instead of putting extra funds specifically into Ether. The lack of staking in these (ETF) could also limit the inflows.

Chart of the Day - Bitcoin

This negative skew indicates that there's still a strong demand for puts, meaning traders are seeking downside protection. However, when looking at longer-duration skews, they remain above zero, suggesting a bullish bias for the longer term. This mixed sentiment reflects the current uncertainty in the market. Source: Amberdata.