After rising above $70,000 on Monday, the price of Bitcoin fell below $68,000 on Tuesday morning as the now-defunct Bitcoin exchange Mt. Gox transferred more than $9 billion worth of Bitcoin to an unknown wallet, possibly to pay his creditors.
The transfer of more than 140,000 Bitcoin added pressure to the cryptocurrency market, causing the leading cryptocurrency to fall 1.4% to a low of $67,680 early Tuesday.
Tokyo-based Mt. Gox, once the world's largest Bitcoin exchange, lost hundreds of thousands of bitcoins After a hack and bankruptcy in 2014, he owed his creditors 45 billion yen ($414 million). Since then, creditors have been awaiting repayment of their shares.
With the latest Bitcoin transfer, Mt. Gox made its first transaction in over five years. This is probably part of a plans to distribute assets back to creditors by October 31, 2024.
Overall, the cryptocurrency market was slow on Tuesday morning, with Ether hovering around $3,900, down 0.33%. Dogecoin and Cardano fell 2.4% and 1%, respectively. Meanwhile, Solana jumped 2.6% following the news that Your validators would receive additional fees.
Bitcoin and Ether ETF Markets Expected to Reach $450 Billion
Meanwhile, Bernstein is bullish on Bitcoin and Ether ETFs. In a report released on Tuesday, the brokerage firm stated that the Bitcoin and Ether exchange-traded fund (ETF) markets are expected to see substantial growth, potentially reaching a combined value of $450 billion. CoinDesk Reports. Bernstein said The US Approved Ether Spot ETF has positive implications for rival tokens like Solana, according to the report.
Earlier this month, Bernstein analysts predicted that Bitcoin would reach $150,000 in 2025 and that by the end of the year, the main cryptocurrency would be reach $90,000.
