Market sentiment and future expectations:
It appears that the cryptocurrency market is once again swinging towards bearish territory. Bitcoin is currently trading at $57,473.84 USD. With a 24-hour trading volume of US$34.3 billion. The coin is down 4.56% in the past day and is trading in a range between $60,449.99 and $57,196.68. Bitcoin's direct market cap is $1.1 trillion.
This government activity comes against the backdrop of market fluctuations. The global market value of cryptocurrencies fell by 20% to $2.15 trillion. With a decrease of 4.20% in the past 24 hours alone. Bitcoin price reached a 24-hour low of $57,800. It tested a key support level and potentially risks a drop back to $52,000.
Market sentiment has shifted toward fear, partly due to panic selling by investors ahead of Mt Gox's imminent $10 billion payout in BTC and BCH. Scheduled to start this week. Major financial players such as JP Morgan and CoinShares have issued warnings about potential market turmoil. Especially with regard to potential sales by Mt Gox creditors.
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