Market picture

The cryptocurrency market lost 2% of its capitalisation in 24 hours to $2.41 trillion. However, this is a pullback from a high base. This tug-of-war between bulls and bears points to the importance of the current situation. Bitcoin and Ethereum are losing just over 1% each, while most altcoins are losing significantly more, ranging from 2.5% (BNB, Solana) to 3.5% (Dogecoin, Toncoin). The positive exception is XRP, which has maintained its 1.2% gain, although it has retreated 4% from its late-afternoon peak on Monday.

Bitcoin remains within a broad downward range for now, pressured by news of a new series of BTC transfers to exchanges from Mt. Gox. The previous actions did not lead to an extreme sell-off but kept the price from rising. The big question is how deep buyers’ pockets will be, given recent reports from Bloomberg citing RSM Global that the UK may sell 61,245 BTC ($4B) confiscated in 2018. The constant overhang of selling forms a series of lower price peaks.