The cryptocurrency market edged lower on Tuesday as Mt. Gox's Bitcoin transfer worth billions of dollars kept investors largely averse.
What Happened: The world's largest digital asset, Bitcoin, slipped below $68,000 during U.S. trading hours before recovering back to the $68,000 zone on Tuesday night EDT.
The hype around Ethereum spot ETFs also fizzled out as the second-largest cryptocurrency fell below $3,900.
On Monday, the defunct exchange Mt.Gox transferred Bitcoin worth billions to different wallets for the first time in nearly five years, triggering concerns of a sell-off. However, an official statement by the exchange denied the immediate sale of the coins.
The market drop resulted in the liquidation of $152 million worth of positions in the last 24 hours, with long liquidations accounting for 71% of the total. Ethereum led with $38.55 million in liquidations.
Interestingly, Bitcoin's Open Interest rose 0.19% in the last 24 hours. An increase in Open Interest alongside a price decrease typically indicates that new short positions were opened, a ...