Global cryptocurrency market value drops below $2 trillion


Lerato Khumalo

The value of the cryptocurrency market fell 7.7 percent to below $2 trillion after the Mt. Gox exchange began distributing stolen assets to their owners in 2014.

According to data from analysis company Coinmarketcap, Bitcoin, which has decreased in price by nearly 6 percent in the last 24 hours as of 11:45, fell to the level of $ 54,250.

Ethereum, which ranks second in terms of market value, lost 9.6 percent in the last 24 hours and fell to $2,864.

The value of the global cryptocurrency market decreased by 7.7 percent in 24 hours, falling to $1.98 trillion.

Analysts say the decline in prices of Bitcoin and other cryptocurrencies is due to reports that the Mt. Gox exchange began distributing stolen assets to its owners in 2014.

While the defunct Mt. Gox exchange is expected to gradually distribute around $10 billion worth of crypto assets to its owners this month, investors are concerned that a significant portion of those assets will be sold.

Analysts say that the possibility of Joe Biden withdrawing from the US presidential election and being replaced by an “anti-cryptocurrency” candidate is also creating selling pressure on these assets.

Bitcoin, whose price has been on an upward trend since the last quarter of 2023, broke a record by reaching $73,750 on March 14 after the U.S. Securities and Exchange Commission (SEC) approved the application for 11 Bitcoin spot ETFs.