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Today we are witnessing a rare situation. Bitcoin has been falling for the last 24 hours (screenshot from our screener). At the same time, the top 10 altcoins are performing better than #BTC.
Normally it is the other way around. When BTC goes down, altcoins go down even more.
Why does this happen?
There is a reason why BTC underperforms the market. Dispenser has started actively distributing funds to those affected by the collapse of the MtGox exchange. The exchange was hacked 10 years ago. And only now are some of the funds being returned to the victims.
A total of 142,000 BTC is expected to be distributed. At the time of the hack, these BTCs were worth much less than they are now. Therefore, many people will want to sell them immediately. It's this breaking news that is putting so much pressure on bitcoin.
Let's say 100,000 BTC are sold in the next few months. Is that a lot or a little? In the last good week, the inflow of new money into the bitcoin ETF was a little over $1 billion. That's 15,000 BTC. So a potential sell-off of 100,000 BTC could have an impact on the market.