Bitcoin’s Price Plummets Below $68,000 After Mt. Gox Transfers $9 Billion Worth of Bitcoin

The cryptocurrency market has taken a hit as Bitcoin’s price dropped below $68,000 on Tuesday morning. This sudden decline is attributed to the transfer of over 140,000 Bitcoin, worth more than $9 billion, from the now-defunct Mt. Gox exchange to an unknown wallet. This massive transfer has added pressure to the crypto market, causing Bitcoin’s price to plummet by 1.4% to as low as $67,680.

Bitcoin’s price takes a hit

Mt. Gox, once the world’s largest Bitcoin exchange, lost hundreds of thousands of Bitcoin in a hack and subsequently declared bankruptcy in 2014, owing creditors 45 billion yen ($414 million). Creditors have been waiting for repayment of their holdings ever since. This recent transfer marks Mt. Gox’s first transaction in over five years and is likely part of a plan to distribute assets back to creditors before October 31, 2024.

The crypto market was sluggish on Tuesday morning, with Ether hovering around $3,900, down 0.33%. Dogecoin and Cardano fell by 2.4% and 1%, respectively. Meanwhile, Solana jumped 2.6% following the news that its validators would receive additional fees.

The crypto market takes a hit

In other news, Bernstein is bullish on Bitcoin and Ether ETFs, predicting that the markets will experience substantial growth, potentially reaching a combined value of $450 billion.

“The Bitcoin and Ether ETF markets are expected to experience substantial growth, potentially reaching a combined value of $450 billion.” - Bernstein

Bitcoin ETFs on the rise

The cryptocurrency market is constantly evolving, and this recent development is a reminder of the market’s volatility. As the crypto market continues to grow, it’s essential to stay informed about the latest developments and trends.

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