Hassan Maishera
TL;DR
-
Bitcoin is down by 1% in the last 24 hours and is trading below $66,500 per coin.
-
BTC’s dominance level now stands at 54.8%, its highest since April 2021.
Mt.Gox Moves $2B Worth of Bitcoins, BTC Continues to Underperform
Bitcoin is in the red two days in a row this week after losing 1% of its value over the last 24 hours. At press time, Bitcoin’s price stands at $66,458, down by 1% so far today.
The poor performance comes after the defunct crypto exchange Mt.Gox moved over $2 billion to a new address on Tuesday. According to data from Arkham Intelligence, Mt. Gox transferred 33,105 BTC ($2.19 billion) to an address starting with “bc1q26.” It is not immediately clear who owns the address.
This latest transaction comes after Mt.Gox transferred billions of dollars worth of bitcoin to designated crypto exchanges, including Bitbank, Kraken, Bitstamp, and SBI VC Trade, in recent weeks.
Some of the exchanges had already distributed their tokens, resulting in Bitcoin’s price dropping towards the $63k level in recent weeks.
Bitcoin’s Dominance Level Hits a 3-year High
Despite its recent poor performance, Bitcoin’s dominance level continues to increase. Bitcoin dominance, a measure of Bitcoin’s market capitalization relative to the total crypto market cap, now stands at 54.8%, its highest level since April 2021.
The dominance level stood at 48.2% on July 22nd but has been rapidly increasing since then. The growing Bitcoin dominance comes despite the launch of Ether ETFs in the United States.
Altcoins have shown considerable weakness against Bitcoin in recent weeks, resulting in Bitcoin’s dominance level increasing during that period.
