- The cryptocurrency market capitalization fell to $2.44 trillion on Tuesday, marking levels not seen since early November.
- The recent downturn has led to liquidations totaling over $937 million in the past 24 hours.
- The defunct exchange Mt. Gox is raising market concerns as it transfers 11,833 BTC valued at $932 million.
The cryptocurrency market is experiencing a continuing downward trend as the week began, with its total market capitalization dropping to $2.44 trillion on Tuesday, the lowest point since early November. This decline has sparked a series of liquidations exceeding $937 million within the last day, while the troubled Mt. Gox exchange stirs apprehension by moving 11,833 BTC worth $932 million.
Crypto market cap hits lows not seen since November
The cryptocurrency market sustained its downward trajectory as the week commenced. Market capitalization data indicates a decline from $2.72 trillion on Monday to $2.44 trillion on Tuesday, a level not recorded since early November.
Total cryptocurrency market capitalization chart.
This price drop has triggered a wave of liquidations across the cryptocurrency space, amounting to $936.51 million in just 24 hours. The largest individual liquidation order occurred on Binance’s BTCUSDT, valued at $5.26 million, according to data from Coinglass.
Liquidation Heatmap chart. Source: Coinglass
Mt. Gox transfer may create uncertainty in the market
According to Lookonchain data, the now-defunct cryptocurrency exchange Mt. Gox transferred another 11,833.6 BTC on Tuesday, valued at over $932 million, following a previous transfer of 12,000 BTC worth over $1 billion the prior week. In this latest transfer, 11,501.58 BTC ($905.06 million) was sent to a new wallet, while 332 BTC ($26.13 million) was directed to a warm wallet.
Traders are advised to exercise caution, as the movement of such a large quantity of Bitcoin to wallets often implies a potential intention to sell or distribute, which can foster a bearish sentiment among market participants anticipating an increase in supply.