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    Home » After the news of Mt Gox Bitcoin is losing its dominant position in the cryptocurrency market
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    After the news of Mt Gox Bitcoin is losing its dominant position in the cryptocurrency market

    By adminJun. 25, 2024No Comments2 Mins Read
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    After the news of Mt Gox Bitcoin is losing its dominant position in the cryptocurrency market
    After the news of Mt Gox Bitcoin is losing its dominant position in the cryptocurrency market
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    Bitcoin’s (BTC) volatility is usually lower than that of altcoins, but a notable exception occurred on Monday. The cryptocurrency’s market dominance dropped significantly, with its decline being more severe compared to other currencies. As of May 25, its share of the total market value of cryptocurrencies fell to 24%, marking the largest single-day drop since April 12. This indicates that investors are withdrawing funds from Bitcoin at a faster rate than from other cryptocurrencies.

    Many analysts attribute this sell-off to the news of the closure of the cryptocurrency exchange Mt. Gox, which plans to distribute 140,000 BTC to victims of a hack. This announcement raised concerns that the recipients may sell their holdings upon receiving them, potentially leading to a price decline.

    Since July 7, increased selling pressure from miners and outflows from spot Bitcoin exchange-traded funds (ETFs) have further exacerbated these concerns. The worry over the sell-off also intensified demand for short-term BTC put options on the Deribit exchange tracked by Amberdata, which provide protection against asset price declines.

    Despite these concerns, some market observers believe that the actual selling pressure from Mt. Gox may be more moderate. Tagus Capital suggested that the creditors of Mt. Gox may be more inclined to hold Bitcoin rather than sell immediately, as they are considered long-term investors who have previously rejected offers to be paid in USD and may prefer to retain their assets to avoid capital gains taxes upon selling.

    This week, the bearish sentiment also dominated the cryptocurrency ETF market, further fueling the demand for BTC put options. The premium for one-week and one-month call options turned negative, indicating an increased demand for put options.

    In conclusion, the potential impact of the Mt. Gox distribution on the cryptocurrency market has led to heightened volatility, with concerns about the recipients’ potential selling contributing to the decline in Bitcoin’s market dominance. The market will continue to monitor the situation closely and assess the long-term implications.

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