Bitcoin Price Plummets Following Mt. Gox Bitcoin Distributions 📉
After a decade, the distribution of Bitcoins from the Mt. Gox bankruptcy has commenced, sparking fear in the crypto market as prices tumble. The price of Bitcoin plummeted to $53,898, the lowest since February, with a 27% drop from its all-time high of $73,700. The distribution announcement triggered a swift decline in Bitcoin’s price, but data indicates that the drop was driven more by narrative than the actual event.
Mt. Gox Wallet Holdings 🧳
- Arkham Intelligence reported that Mt. Gox wallets still contain 138,985 BTC, with only 2,701 BTC leaving for repayments.
- Only a fraction of the distributed coins may have been sold by recipients.
Impact on Altcoins and Market 📊
- Altcoins unrelated to Mt. Gox, like Ethereum, experienced significant drops.
- Ethereum slid to $2,989, an 12% weekly drop, despite positive narratives around Ethereum spot ETFs.
- The top 10 cryptocurrencies, excluding stablecoins, closed the week in the red.
Strong Performer: Solana 🚀
- Solana weathered the storm, down only 4% for the week and up 3% in the past 24 hours.
- Industry watchers suggest Solana could be the next to receive the digital asset ETF treatment post-U.S. federal election.
Meme Coin Rollercoaster 🎢
- Political meme coins like Jeo Boden (BODEN) and Kamala Horris (KAMA) saw volatile movements amid speculation on President Joe Biden’s candidacy.
- Kamala Harris-themed coin KAMA surged 326% briefly as bets favored her replacing Biden.
Scam Alert: $SMASH Token 🚨
- The $SMASH token, a meme coin linked to UFC star Khamzat Chimaev, tanked after the fighter’s social media promotion, indicating a pump-and-dump scheme by scammers.
Hot Take 🔥
While Mt. Gox’s Bitcoin distributions stirred fear and volatility in the market, savvy investors may find opportunities to accumulate assets at discounted prices amidst the chaos. As the crypto landscape navigates through uncertain times, staying informed and cautious is key to weathering the storm.
Sources:
1. Official Mt. Gox Announcement
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