The recent price stagnation in the cryptocurrency markets has led some traders to believe that the bankrupt Mt. Gox exchange and the selling pressure from the German state of Saxony. Bitcoin (BTC) fell 2.3% in the last 24 hours, falling to $57,000. This decline, after temporarily exceeding $59,000, had a negative impact on the overall market.
The Rise of XRP
XRP tokens were the only cryptocurrency to make a significant gain, rising 5% in the last 24 hours. XRP emerged as the only token in the green among major cryptocurrencies after traditional futures platform CME and CF Benchmarks launched indices and reference rates for XRP on Thursday. Ripple CEO Brad Garlinghouse stated that this development could increase corporate adoption.
Bitcoin and the Market-Wide Decline
One trader noted that selling pressure from Bitcoin wallets in the German state of Saxony caused the bulls to “sit on the sidelines.” Bitcoin (BTC) fell to $57,000 by European afternoon, after briefly rising to $59,000 on Thursday. Ethereum (ETH) and BNB Chain's BNB lost 2.2%, while Solana's SOL and Dogecoin (DOGE) dropped up to 5%. The CoinDesk 20 (CD20) index showed a decrease of 2.48%, indicating market-wide losses.
“Bitcoin attempted to surpass $60,000 on Thursday but bounced back to $57,000,” FxPro senior market analyst Alex Kuptsikevich told CoinDesk. “German authorities are actively selling previously confiscated Bitcoins. Although this volume is not large, some potential buyers prefer to wait on the sidelines because they think sales will continue.”
Future Expectations
Kuptsikevich stated that he does not expect gains in major tokens unless BTC gains higher momentum. “The altcoin season could start with the prices of major coins like Bitcoin reaching all-time highs,” he added. Saxony made one of the biggest moves in recent weeks by transferring over $600 million of BTC to exchanges on Thursday.
Arkham data shows that more than 3,000 BTC were transferred to various exchanges and OTC trading firms during early Asian hours. It is stated that at current prices, more than 6,000 BTC worth $ 340 million are still held in wallets. These sales put additional pressure on the market, causing prices to fall and bulls to remain on the sidelines.
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