According to Whale Alert on Twitter, an Mt.Gox cold wallet just sent 600 BTC to another wallet. Although this particular transaction is not that big, it has raised concerns that Mt.Gox might be distributing the 150,000 BTC left already.
In the past 24 hours, Bitcoin has dropped from a high of $24,100 to a low of $22,600. However, this movement is attributed to XRP which lost more than 50% of its value in the past 48 hours, dragging the market with it.
Ripple Price Analysis: XRP pulls back from 200-day SMA, multi-day-old support lines in focus
The crypto major dropped to the lowest since late July the previous day amid fundamental concerns relating to delisting of the Ripple from Hong Kong’s exchange.
While fundamentals keep the bears hopeful, not to forget the pair’s inability to cross 200-day SMA, oversold RSI favors further consolidation of losses.
Stellar price loses 50% of its value as concerns about the potential lawsuit from SEC increase
In the past 48 hours, the price of XRP plummeted down to $0.21 as the SEC announced it would sue Ripple. Although most of the market didn’t flinch at first, some cryptocurrencies like XLM got hit quite hard, losing 30% of its value within 24 hours.
Ripple investors have been worried about the SEC for years now. The debate on whether XRP should be considered a security or not continues. Similarly, some XLM holders are also worried that the digital asset might be considered one, now that Ripple has been sued by the SEC.