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Mt. Gox Bitcoin Release, ETH ETF Launch: Will Altcoins Outshine Bitcoin?

Published 29/06/2024, 12:00
© Reuters. Mt. Gox Bitcoin Release, ETH ETF Launch: Will Altcoins Outshine Bitcoin?
BTC/USD
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Coin Edition -

  • The Mt. Gox Bitcoin distribution and government sales are expected to impact Bitcoin’s price and market dominance.

  • Ethereum and other altcoins could gain market share as the ETH Spot ETF launch approaches, shifting crypto dynamics.

  • VanEck’s Solana ETF filing adds interest, with potential market shifts amid Mt. Gox payouts and ETH ETF launch.

Bitcoin’s price is facing headwinds from multiple sources, including the upcoming distribution of Bitcoin from the defunct Mt. Gox exchange and the anticipated launch of Ether ETFs. These developments have triggered concerns about potential selling pressure on Bitcoin and a possible shift in market dynamics towards altcoins.

Crypto investor Daan Crypto reports a slight decline in Bitcoin dominance since the Mt. Gox distribution announcement. This development could present an opportunity for altcoins to regain market share. Key levels to watch are 52% and 48% dominance for Bitcoin.

Whereas the Mt. Gox Bitcoin selling is anticipated to exert downward pressure on Bitcoin’s price, altcoins would stay oblivious to this issue and in fact with the ETH spot ETF to launch soon, the ALT/BTC charts warrant close monitoring. Current market conditions suggest a potential opportunity for ALT/BTC ratios to outperform.

Crypto analyst Jelle observes that Bitcoin’s range lows are holding despite US and German government coin sales and Mt. Gox repayment to creditors. At press time, Bitcoin’s price is $60,683.96, reflecting a 1.30% decline in the last 24 hours and a 5.60% decline over the past seven days.

On June 24th, Wise Advice noted that Mt. Gox will begin repaying Bitcoin (BTC) and Bitcoin Cash (BCH) in July 2024. The distribution, comprising 142,000 BTC and 143,000 BCH, is expected to commence at the start of the month.

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