Bearish sentiment became more pronounced in the crypto market early Monday after defunct crypto exchange Mt. Gox, which is supposed to return over 140,000 BTC to victims of a 2014 hack, said it will begin repayments next month. Bitcoin slipped to $60,723, registering an over 5% loss on a 24-hour basis at one point. Ether and the broader market followed suit, with the CoinDesk 20 Index (CD20) also falling more than 5%. Broadly speaking, bitcoin’s recent retreat from above $70,000 has taken the shape of a double top bearish reversal pattern. However, spot and futures volumes in bitcoin and ether markets on centralized exchanges have been considerably softer than record highs in March, according to FalconX. That’s a sign of decreased investor participation or conviction in selling action, often a characteristic of a “bear trap.”
Related Posts
6 steps to move an old 401k into a bitcoin IRA
Bitcoin could be on the verge of a major new bull run. According to Tuur Demeester of Adamant Research, in…
Bitcoin falls under $67K as stocks sell-off, but BTC derivatives are stable
Bitcoin price saw a sharp sell-off today, but the BTC futures market is showing zero signs of fear. Source link
Crypto Tax Reform On The Horizon? Japan’s Tamaki Pledges Change If Elected
The crypto industry is buzzing this year, not just because of new memes, coin pumping, or Bitcoin leading another bull…