Bitcoin Slips to Near $65K as Mt. Gox Creditors Receive Assets on Kraken

Cryptocurrencies fell on Tuesday after Kraken began distributing assets to creditors of bankrupt exchange Mt. Gox, with potential selling pressure weighing on the market.

Bitcoin {{BTC}} has fallen nearly 4% in the past 24 hours to $65,500, while bitcoin cash {{BCH}} has fallen more than 7% in the same period.

The broad market crypto index CoinDesk 20 Index is down 3%, with altcoin majors Solana {{SOL}}, Ripple’s XRP {{XRP}} and Cardano’s ADA {{ADA}} down 4-5%.

Ether {{ETH}} outperformed most assets and remained mostly stable below $3,500, helped by strong trading volumes in the early days of US-listed spot exchange-traded funds (ETFs).

The price action comes as the estate of one-time crypto exchange giant Mt. Gox, which collapsed in a hack in 2014, reported that multiple creditors had received their crypto after a decade-long wait. The estate began transferring the assets to several crypto exchanges this month, and users should be able to get their assets back in the coming weeks.

The recent foreclosure of nearly $9 billion worth of BTC and BCH has been a major concern for digital asset investors, as they wonder how much of these assets creditors will sell on the open market to capitalize on the massive price increases over the past decade.

Crypto prices have often reacted negatively to recent news of blockchain transfers involving Mt. Gox. Earlier today, bitcoin fell to near $66,000 after Mt. Gox wallets moved $2.8 billion in assets, including $130 million worth of BTC, to Bitstamp, signaling a distribution to creditors.