đ Here are Four Main Reasons Bitcoin, Shiba Inu and XRP are Down Today
The crypto market drop that has impacted assets such as Bitcoin, Shiba Inu and XRP is attributable to four main factors.
The cryptocurrency market has been hit hard recently, with Bitcoin (BTC) and other major digital assets experiencing significant declines. With BTC down 1.65% this morning, the leading cryptocurrency has collapsed 6.11% from the $68K high on July 22.
Altcoins have suffered similar declines. XRP is on the verge of retracing the 3.46% gain yesterday, down by more than 1.5% today. XRPâs saving grace has been the support at $0.60. Meanwhile, Shiba Inu (SHIB) is down 10% from the $0.00001832 peak of July 22 and 2.74% this morning due to its greater volatility.
Notably, four key factors have contributed to this downturn, causing concern among investors and market analysts. Hereâs a closer look at whatâs happening.
Bitstamp and Kraken Distributing Bitcoin to Mt. Gox Creditors
The defunct Mt. Gox exchange, which collapsed in 2014 after losing 850,000 bitcoins to a major security breach, has finally started repaying its creditors.
This long-awaited repayment involves distributing 142,000 BTC and 143,000 BCH. Mt. Gox is to distribute the tokens to creditors using centralized exchanges. Exchanges Bitstamp and Kraken are already facilitating the distribution, with Bitstamp having a 60-day window and Kraken up to 90 days to complete the payouts.
Bitstamp has committed to expediting the distribution, aiming to complete it well before the 60-day deadline. Similarly, Kraken is also beginning to release funds. The large volume of Bitcoin entering the market has led to increased selling pressure, contributing to the current market downturn.
Kraken started distributing Gox coins â punch
Concerns have emerged that many creditors may opt to liquidate their holdings immediately. However, data shows most Kraken users have held onto their tokens, but this has not mitigated the concerns.
