The post Why is crypto down today? Mt. Gox, $250M liquidations, ETH ETFs and… appeared on BitcoinEthereumNews.com.

Bitcoin fell below $60K as ETF outflows and Options expiry sparked market-wide liquidations Analyst Ali Martinez warned against a potential liquidation of $1 billion if Bitcoin rebounded to $62,600 Bitcoin (BTC) is falling again, with the crypto dropping below $60,000 on the price charts. This represented a 4% decline in just 24 hours. In fact, this bout of depreciation marked BTC as the most affected crypto amidst a broader downturn across the market. Source: BTC/USD, TradingView This decline coincided with the crypto market’s retreat of over 4% within the last 24 hours, affecting major assets like Bitcoin, Ethereum, DOGE, BNB, and LINK. It’s worth noting, however, that the Fear & Greed Index had a reading of just 48 at press time, indicating a neutral sentiment among market participants. Simply out, investors are neither overly fearful nor excessively greedy right now, but uncertainty remains prevalent. This is especially so in light of the fact that Mt. Gox is expected to start repaying its creditors this month. BTC worth over $9 billion is owed to over 127k creditors, many of whom will look to cash in on their unrealized profits – An invitation for selling pressure. Bitcoin ETF outflows and investor concerns The outflows from U.S Spot Bitcoin ETFs have contributed significantly to the ongoing market situation. Following five consecutive days of inflows amounting to $129.5 million through 1 July, the trend reversed itself with an outflow of $13.7 million on 2 July. Source: X $14.1 million and $5.4 million inflows were recorded from BlackRock IBIT and Fidelity’s FBTC, respectively. However, a significant outflow of $32.4 million from GrayScale mitigated these gains. This shift in ETF movements, consequently, have raised concerns among investors regarding Bitcoin’s price trend. Concurrently, the impending expiration of substantial BTC and ETH options have also contributed to market…

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Filed under: News - @ July 4, 2024 7:24 pm