XANA, Shrapnel, VAPE: Exploring the Price Action of Top Trending Cryptocurrencies on the Avalanche Chain

Surprisingly, the first 24 hours of the ETH ETF’s arrival coincide with Mt. Gox’s decision to move another round of bitcoins to creditors.

The arrival of the highly anticipated spot Ether (ETH) exchange-traded funds (ETFs) in the United States has sparked contrasting reactions within the cryptocurrency community. While the ETFs are widely expected to bolster the crypto market, an interesting development has occurred on the heels of this news.

Coinciding with the ETF launch, blockchain intelligence firm Blockware Solutions noted that an additional 10,000 bitcoins were moved from the Mt. Gox exchange to its creditors on Friday. This movement occurred in two tranches, with 7,000 bitcoins being shifted at 09:05:12 UTC and 3,000 bitcoins at 11:03:03 UTC.

This news had a bearish impact on the crypto market, with the price of Bitcoin (BTC) experiencing a downturn. The apex cryptocurrency dropped below the $24,000 level, trading at $23,843 at the time of writing, according to CoinDesk data.

Meanwhile, the broader cryptocurrency market also faced a downturn on Friday. Over the past 24 hours, the total crypto market cap decreased by 4.30%, now valued at $1.12 trillion. During this same period, the global defi market cap now stands at $73.33 billion, reflecting a 1.03% decrease, while the total crypto exchange volume in the past 24 hours is $112.83 billion.

In other news, Blockware Solutions also reported that another round of bitcoins from the Mt. Gox exchange was moved to its creditors on Friday. This movement comes as part of the exchange’s ongoing efforts to compensate its creditors following its bankruptcy in 2014.

According to Blockware’s report, the bitcoins were moved in two tranches on Friday morning. The first tranche of 7,000 bitcoins was shifted at 09:05:12 UTC, while the second tranche of 3,000 bitcoins was moved at 11:03:03 UTC.

This recent development follows the announcement by Mt. Gox trustee Nobuaki Kobayashi on March 28 that the exchange would begin transferring crypto assets to its creditors on March 31. The trustee stated that the exchange would be transferring BTC, BCH, and fiat assets to its creditors.

At the time of the announcement, Kobayashi noted that the exchange would be distributing 141,686 BTC, 69,796 BCH, and fiat assets to its creditors. However, the trustee stated that these figures could change slightly due to pending legal procedures.

This news had a bearish impact on the crypto market, with the price of BTC decreasing. At the time of writing, BTC trades at $23,843, down by 1.24% in the last 24 hours, according to data from CoinDesk.

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