The crypto market has been in the red for the better part of the last 24 hours. In the last seven days, Bitcoin (BTC) has shed 12% of its market share. According to CoinGecko, BTC is currently $54,042.68, a 5.8% decline since yesterday.
Bitcoin Markets are yet to Bleed
A lot has contributed to today’s market slump. Earlier in the day, Arkham Intelligence reported that Mt. Gox had moved 47,229 BTC worth a little over $2.7 billion. To that end, the defunct Japanese crypto exchange has already begun making payments.
On June 25th, Mt. Gox announced a rehabilitation plan; repayments would be made to some rehabilitation creditors through designated crypto exchanges.
That is not all. The German government also moved $175M BTC. Arkham reports, “In the past 2 hours, the German Government has moved 1300 BTC ($76M) to exchange deposits at Kraken, Bitstamp and Coinbase. They have also moved 1700 BTC ($99M) to address 139Po.”
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That has been the market bloodshed up to this point. However, BTC is yet to hit lows. Crypto traders are bracing for options expiry today. Data from Deribit shows that over 18,000 BTC and over 160k ETH options will expire today. These options are worth over $1.4 billion.
The expiry window and amount have added selling pressure for long and short traders. According to CoinGecko, the global crypto market cap stands at $2.07 Trillion right now. The market has lost 7.95% of total market share.
Ethereum and BTC options expiry will shake BTC towards the $51,000 and $53,000 market range. Also, the weekend is here. Historically, the weekend is known to carry negative sentiments for the volatile industry as Wall Street markets close.
All factors considered, Bitcoin can tank to its support level at $50k. Brace for impact!
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Also Read: Mt. Gox Bitcoin movement sparks sell-off, pushing BTC below $55k
