Markets
Mt. Gox jitters hurt cryptocurrency markets
Cryptocurrency markets has fallen over the past 24 hours amid reports of Mt Gox, the defunct Bitcoin exchange that handles wallet-to-wallet transfers and transfers to a cryptocurrency exchange, implying potential selling. Anxiety ahead of the U.S. PCE inflation readings due July 26 and the Fed’s interest rate decision due July 31 has exacerbated bearish market sentiment.
The overall cryptocurrency market capitalization fell to $2.43 trillion, from $2.44 trillion the previous day.
Bitcoin has slipped more than half a percent in the past 24 hours to trade at $66,849.90, about 9 percent below its all-time high. The 24-hour trading range was $68,267 to $66,292. Bitcoin is holding onto weekly gains of 6.7 percent and annual gains of 58 percent. Bitcoin currently dominates 54.3 percent of the overall cryptocurrency market.
The latest data from Farside Investors showed net inflows of $534 million into Bitcoin Spot ETF products in the U.S. on Monday, up from net inflows of $427 million on Friday. The majority of inflows were made up of iShares Bitcoin Trust (IBIT), which saw inflows of $527 million.
Ethereum rose 1% over the past 24 hours to $3,513.73 as markets cheered the highly anticipated launch of spot Ether ETF products on Tuesday.
Based on reports from Bloomberg analysts James Seyffart and Eric Balchunas, markets expect Grayscale Ethereum Mini Trust (ETH), Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), Bitwise Ethereum ETF (ETHW), 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), iShares Ethereum Trust (ETHA), Invesco Galaxy Ethereum ETF (QETH), and Grayscale Ethereum Trust (ETHE), converted to spot ETF, to begin trading on Tuesday.
The Grayscale Ethereum Trust (ETHE), Grayscale Ethereum Mini Trust (ETH), and Bitwise Ethereum ETF (ETHW) would trade on the New York Stock Exchange, while the iShares Ethereum Trust (ETHA) would be listed on the Nasdaq. The remaining 5 ETFs would trade on the CBOE exchange.
The 24-hour trading range was between $3,517 and $3,426. Ether maintains weekly gains of 4.6 percent and annual gains of 54 percent. Ether currently dominates 17.4 percent of the overall cryptocurrency market.
BNB (BNB), ranked fourth, fell 1.5 percent overnight to $584.77. Solana (SOL), ranked fifth, fell 0.23 percent over the past 24 hours to $177.56.
Seventh-ranked XRP rose 0.9 percent overnight to trade at $0.601. With a loss of over 2 percent in 2024, XRP is the highest-ranked cryptocurrency to trade in the red zone on a year-over-year basis.
Dogecoin (DOGE), ranked eighth, is down 0.9 percent overnight, trading at $0.1361. Toncoin (TON), ranked ninth, is down 2.3 percent overnight, trading at $6.91. TON has gained 200 percent in 2024.
Cardano (ADA), ranked tenth, fell 2.1% overnight to trade at $0.4248, bringing its year-to-date losses to over 28%.
Ethereum Name Service (ENS), ranked 74th, edged out overnight gains with a 4.4% surge. Cat in a dogs world (MEW), ranked 98th, and Starknet (STRK), ranked 77th, followed with gains of over 3%.
Mog Coin (MOG), ranked 93rd, has overcome overnight losses with a decline of nearly 11 percent. Bonk (BONK), ranked 50th, and Notcoin (NOT), ranked 57th, followed with losses of over 8 percent in the past 24 hours. FLOKI (FLOKI), ranked 52nd, has also lost 7.9 percent in the past 24 hours.
Meanwhile, WazirX, the India-based cryptocurrency exchange that suffered a $230 million exploit last week, has announced an increase in its White Hat Recovery reward to 10 percent, or up to $23 million. The cryptocurrency exchange has invited white hat hackers, blockchain forensics experts, and cybersecurity professionals from around the world to join the critical mission.
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Of Avila SebastianRTTNews Staff Writer
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