#Crypto Market Dips to $2.44T as Mt. Gox #Moves 11,833 $BTC Worth $932M — Bearish Pressure Builds
The crypto market saw a sharp decline as total market capitalization dropped to $2.44 trillion on Tuesday — the lowest level since early November. This steep correction triggered over $937 million in liquidations within 24 hours, with the largest single liquidation recorded on Binance’s $BTC USDT pair at $5.26 million, according to Coinglass data.
Adding to the bearish pressure, the defunct exchange Mt. Gox transferred 11,833 BTC worth $932 million on Tuesday, raising concerns about a potential sell-off. Lookonchain data reveals that 11,501.58 BTC ($905.06 million) was sent to a new wallet, while 332 BTC ($26.13 million) went to a warm wallet. This follows last week’s transfer of 12,000 BTC worth over $1 billion.
Large $BTC transfers from Mt. Gox often signal selling pressure, which could increase supply and weigh on Bitcoin’s price. Traders should exercise caution as the market navigates this volatility.
