Major cryptocurrencies fell on Tuesday due to the disappearance of a cryptocurrency exchange Mount Gox excited Bitcoins worth more than $780 million.
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:15 pm EDT) |
| Bitcoin BTC/USD | -2.40% | $59,075.20 |
| Ethereum Ethereum/USD |
-3.00% | $2,578.99 |
| Dogecoin DOGE/USD | -0.10% | $0.103 |
What happened:Bitcoin fell from a high of $60,000 to below $59,000 in early trading before a slight rebound and consolidation in the $59,000–$59,600 region.
Late in the afternoon, a wallet linked to Mt. Gox transferred approximately 13,265 BTC, or $784 million, to two separate addresses, with 12,000 BTC destined for a new address.
The bankrupt exchange began liquidating its $9 billion BTC stash in July as part of its payment obligations to creditors. At the time of writing, nearly $2.7 billion worth of BTC was still in Mt. Gox’s custody.
Ethereum also fell below $2,600 in the early hours, before moving sideways in the $2,500 region.
The pullback resulted in liquidations of nearly $79 million in bullish bets in the past 24 hours, with total liquidations exceeding $117 million.
Bitcoin open interest fell by 2.05% over the past 24 hours. A drop in open interest, which coincided with a drop in price, indicated the forced closing of bullish long positions.
The Cryptocurrency Fear and Greed Index dropped from 30 to 26 over the past 24 hours and was reading “fear” at the time of writing.
Top Winners (24 hours)
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:15 pm EDT) |
| BitTorrent [New] (BTT-A) | +13.13% | $0.0000008626 |
| Tron (TRX) | +10.67% | $0.1583 |
| Brett (Based) (BRETT) | +10.61% | $0.08805 |
The global cryptocurrency market stood at $2.09 trillion, after a 2.07% contraction in the last 24 hours.
Stocks fell slightly on Tuesday, snapping an eight-day winning streak. Dow Jones Industrial Average fell 61.56 points, or 0.15%, to close at 40,834.97. He S&P 500 Index fell 0.20% to close at 5,597.12, while the technology index Nasdaq Composite Index fell 0.33% and closed at 17,816.94.
Despite the turnaround, the major indices are forecasting a sharp reversal from the August 5 plunge, precipitated by recession fears and the unwinding of yen carry trades. The S&P 500 and Nasdaq rose 1.3% and 1.2% respectively during the month.
Investors will now be looking ahead to the Federal Reserve's monetary policy meeting scheduled for Wednesday, followed by a speech by the president. Jerome Powell in Friday, to make informed predictions about next month's FOMC meeting.
See more: The best cryptocurrency scanners
Analyst Notes: Popular cryptocurrency analyst and trader Fefe Demeny He said he was happy with Bitcoin's pullback and expected it to fall further.
“I was expecting a reversal around $2.3 trillion in total crypto market cap (around 65,500 in BTC), but if we can test $1.9 trillion first, the probability of ATH increases extremely,” the analyst predicted.
Veteran Trader Peter Brandt called Bitcoin and Ethereum charts of continued interest.
Regarding King Crypto, Brandt ruled out a defining trend but stated that ETH will remain “defensive” until closing above $3,050.
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