Hassan Maishera
TL;DR
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Bitcoin is down by more than 2% in the last 24 hours and is currently trading below $66k.
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The bearish performance comes as the crypto exchange Kraken distributes assets to Mt.Gox creditors.
Mt.Gox Assets Cause Bitcoin to Dip in Price
After a positive start to the week, Bitcoin gave up some of its gains on Tuesday after losing more than 2% of its value. At press time, Bitcoin is trading at $65,928, down by 2.17% in the last 24 hours.
The poor performance comes after the cryptocurrency exchange Kraken distributed assets to creditors of the defunct exchange Mt. Gox. The distribution comes a week after Kraken acknowledged that it had received Bitcoin and Bitcoin Cash from the Mt.Gox Trustee. The potential selling pressure caused the market to perform poorly, with altcoins also recording losses.
Bitcoin Cash (BCH), the other asset that was distributed alongside Bitcoin, also lost more than 2% of its value. As the 16th-largest cryptocurrency by market cap, Bitcoin Cash is currently trading at $370 per coin.
The distribution of $9 billion worth of BTC and BCH was a major source of concern for investors, as they wondered how much of those assets creditors would sell on the open market to capitalize on the massive price appreciation over the past ten years.
The total cryptocurrency market cap remains at $2.4 trillion despite losing 2% of its value in the last 24 hours.
