Bitcoin, Dogecoin dipped, Ethereum traded flat Tuesday as defunct cryptocurrency exchange Mt. Gox continued to transfer funds meant to pay out its creditors.
| Cryptocurrency | Gains +/- | Price (Recorded 9:00 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -2.23% | $65,877.24 |
| Ethereum (CRYPTO: ETH) |
+0.06% | $3,470.67 |
| Dogecoin (CRYPTO: DOGE) | -6.40% | $0.1299 |
What Happened: Bitcoin steadily dropped during the day as Mt. Gox creditors began receiving BTC on Kraken, the entity selected as the disseminator of the funds. The apex cryptocurrency fell into the $65,000 zone.
Ethereum chopped in the $3,400 – $3,500 range as spot ETFs tracking the price of the asset debuted in the U.S. stock market. Analysts have predicted that the launch could trigger sell-offs.
About $183 million in derivatives contracts was liquidated in the last 24 hours, with long liquidations accounting for nearly 80% of the total.
Bitcoin’s Open Interest dropped 2.42% in the last 24 hours, signaling the forced liquidation of longs.
Traders placing bearish bets on Bitcoin outnumbered those opening longs in the last 24 hours.
The Cryptocurrency Fear & Greed Index continued to flash “Greed,” highlighting bullish optimism in the market.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:00 p.m. EDT) |
| Ethereum Name Service (ENS) | +9.55% | $29.13 |
| Pepe (PEPE) | +2.86% | $0.00001236 |
| Ethena (ENA) | +2.69% | $0.4513 |
The global cryptocurrency market stands at $2.39 trillion, following a contraction of 2.21% in the last 24 hours.
Stocks inched slightly lower Tuesday. The S&P 500 slipped 8.67 points, or 0.16%, to end at 5,555.74. The tech-focused Nasdaq Composite edged 0.06% lower to finish at 17,997.35, while the Dow Jones Industrial Average dropped 0.14% to close at 40,358.09.
The investor restraint was likely in anticipation of second-quarter earnings report from tech titans Alphabet Inc. (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA).
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Analyst Notes: Widely-followed cryptocurrency trader Rekt Capital reiterated a previous analysis, noting that Bitcoin needs to hold above $65,000 or at least hold $65,000 as support for any unanticipated correction.
Another well-known figure in the space, Ali Martinez, highlighted King Crypto’s chances of rebounding to $67,600 as he noticed a bullish RSI divergence.
However, for that to happen, the trader remarked that the $66,000 level needs to hold.
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