Mt. Gox Transfer Effect Shoots Down Surging Cryptos

Crypto markets recorded a sudden drop after reports of Mt.Gox transferring Bitcoin surfaced online. Data released by on-chain sleuth Lookonchain showed a transfer of more than 44 thousand Bitcoin from a cold wallet associated with the defunct Bitcoin Exchange.

Cryptos had firmed up earlier in the trade following pro-crypto Ohio Senator J.D. Vance being selected as Donald Trump’s Vice President pick. Renewed expectation of a Republican win in the aftermath of the weekend shooting incident had also boosted sentiment for cryptocurrencies.

Overall crypto market capitalization has dropped to $2.31 trillion, after touching a high of $2.38 trillion earlier in the past 24 hours.

Bitcoin is currently trading at $62,786.93, having slipped 0.09 percent in the past 24 hours and rebounding from the low of $62,340. The leading cryptocurrency had touched a 24-hour high of $65k earlier in the trade. BTC has added 9 percent in the past week and more than 48 percent in 2024.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net inflow of $301 million on Monday, a tad lower than the $310 million received on Friday.

Ahead of a widely expected Spot ETF approval, Ethereum has rallied 0.7 percent overnight and 9.4 percent over the past 7 days. The leading alternate currency touched a low of $3,330 and a high of $3,498 over the past 24 hours. Markets expect the SEC formalities to be completed soon, enabling the ETFs to be launched around Tuesday, July 23.

4th ranked BNB (BNB) edged up 0.22 percent overnight and 9.1 percent over the past week. BNB is currently changing hands at $561.82.

5th ranked Solana (SOL) added 1 percent overnight to trade at $154.31. SOL has added around 8 percent in the past week.

7th ranked XRP (XRP) rallied more than 2 percent overnight as it changes hands at $0.5405. Even though XRP is the highest-ranking crypto to trade with year-to-date losses, weekly gains of more than 24 percent have helped to trim losses in 2024 to a little over 12 percent.

8th ranked Toncoin (TON) slipped 1.8 percent on the past 24 hours that restricted weekly gains to 0.74 percent. Nevertheless, TON’s year-to-date gain of 219 percent is the best among the top-20 cryptocurrencies.

9th ranked Dogecoin (DOGE) gained 1.6 percent on an overnight basis to trade at $0.1205. Helped by gains of more than 11 percent over the past week, the top-ranked meme coin has gained more than 34 percent in 2024.

10th ranked Cardano (ADA) slipped 1.7 percent overnight and is currently changing hands at $0.4302.

Shibu Inu (SHIB) entered the top-10 league among the non-stablecoin cryptocurrencies with an overnight surge of more than 3 percent, replacing Avalanche (AVAX).

The past 24 hours also witnessed meme cryptos adding market cap by around 6.8 percent in the past 24 hours. Meme coins were big gainers among the top 100 cryptocurrencies during the past 24 hours. 22nd ranked Pepe (PEPE) added 23 percent followed by 44th ranked dogwifhat (WIF). 52nd ranked FLOKI (FLOKI) gained 18.5 percent whereas 61st ranked Brett (BRETT) gained more than 11 percent in the past 24 hours. PEPE gained amidst reports of a massive buy by a Venture Capital firm.

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