"BTC's dominance shifted as Mt. Gox news weighed on BTC. Short-term options show a renewed bias for puts or downside protection. Some observers say Mt. Gox concerns are overblown. 😅

Bitcoin is generally less volatile than alternative cryptocurrencies, but Monday was different. BTC's dominance as a share of total crypto market cap fell 1.8% to 54.34%, the largest single-day percentage decline since Jan. 12, according to TradingView. So, investors probably pulled out of Bitcoin faster. The price of the cryptocurrency fell almost 5%, falling below $59,000 at one point.

There is no reason for the sale. The bankrupt crypto exchange's plan to distribute 140,000 BTC to hack victims in July raised concerns that buyers would consider selling after receiving their payments. This adds to growing pressures since June 7 due to faster selling by miners and outflows from spot exchange-traded funds (ETFs).

However, some observers believe that Mt. Gox says the actual selling pressure from refunds may be more measured. Mt. Gox creditors may hold onto their Bitcoins rather than sell them because they are long-term investors and may have to pay capital gains tax on sales,” Tagus Capital says.

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