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Why did the cryptocurrency market fall today?

The total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) fell victim to the decision of Mt. Gox has $5 billion. The resulting downtrend also affected altcoins, with the Lido DAO (LDO) seeing a sharp decline.

In today's news: -

  • Mount. Gox, one of the largest crypto exchanges in the world, went bankrupt ten years ago. Today, she made a move. It was the first transaction in five years, changing the addresses of approximately 75,000 BTC worth $5 billion.

  • Kaiko Research, in a report, predicted that Grayscale Ethereum Trust (ETHE) could follow in the footsteps of its Bitcoin counterpart GBTC. The report states that ETHE could see an average daily outflow of $110 million.

Mount Gox impacts the cryptocurrency market

The overall cryptocurrency market cap hit a red candle on the charts today as news from Mt. Gox bearish trend among investors. The combined value of all cryptocurrencies fell by $45 billion, but the total remains stable at $2.48 trillion, around the key support of $2.50 trillion.

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Analysis of the market value of cryptocurrencies.
Analysis of the market value of cryptocurrencies. Source: Commercial view

If this bullish decline intensifies, it could lead to a further decline in the valuation of the cryptocurrency market. This could send a total of $2.4 trillion.

Bitcoin price reacts in the same way

Since the movement of Mt. Gox's $5 billion BTC If the market was the driving force of the day, it was inevitable that the price of Bitcoin would suffer. The crypto asset fell just over 2%, causing BTC to miss support at $68,500. This is the critical support level. Establishing it as a base is essential to seeing a recovery.

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Bitcoin price analysis.
Bitcoin price analysis. Source: Commercial view

Although further decline is not expected, unprecedented bearish market conditions could drag BTC to $66,000. However, reclaiming support at $68,500 could reignite optimism.

Failed to breach Lido DAO

The Lido DAO price increased significantly in the second half of May, but the last 24 hours have been different. With LDO on the verge of breaking critical resistance at $2.6, the market wind has shifted from bullish to bearish. As a result, Lido DAO failed to break through and fell to $2.4.

Lido Dow Price Analysis.
Lido Dow Price Analysis. Source: Commercial view

To try to break through again, investors and the market must pay. If this does not happen, LDO could fall to $2.2.

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