Bitcoin (BTC) experienced a price adjustment today, much like most cryptocurrency markets. Against the backdrop of consumer sell-offs from the bankrupt crypto exchange Mt. Gox, whose claimants are beginning to receive compensation, market panic is palpable. The German government’s portfolio, holding over $2.6 billion in crypto, has reportedly started shifting its tokens, contributing to the bearish outlook.
Bitcoin briefly dropped below $60,000, but at the time of writing, it has recovered to $60,350, marking a 4.2% decline over the past 24 hours with a trading volume of $25.7 billion. BTC’s market capitalization now stands at $1.18 trillion.
Technical analysis on TradingView paints a distinctly pessimistic picture for the day – summaries indicate “sell” signals at 14 indicators, with moving averages showing “strong sell” at 12 signals and oscillators at 2 signals.
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Recent warnings on Bitcoin prices
Ethereum also saw a significant decline of 4.4% over the last day, with a trading volume of $12.65 billion and a current price of $3,295. The overall market capitalization dropped by 3.78% to $2.23 trillion.
Over the past 24 hours, $163.79 million has been liquidated from the cryptocurrency market ($142.23 million in longs and $21.56 million in shorts).
The biggest loser, Bittsensor, plummeted by 13.6% to $235 following news of a recent hack.
