Bitcoin experienced a slight decline on Tuesday after two sessions of gains, largely due to significant transfers by the defunct Japanese cryptocurrency exchange, Mt. Gox.
The world’s largest cryptocurrency inched 0.4% lower to $86,731.9 by 01:55 ET (05:55 GMT)
The token jumped at the start of the week after investors welcomed reports suggesting expectations of a measured approach by U.S. President Donald Trump while imposing fresh trade tariffs on April 2.
Cryptocurrency exchange Mt. Gox moves $1 bln in Bitcoin
According to Arkham Intelligence, Mt. Gox moved 893 Bitcoins worth approximately $78.11 million to its hot wallet and 10,608 Bitcoins worth around $927.48 million to a change wallet during early Asian trading hours.
Such large-scale movements by Mt. Gox have historically raised concerns among investors about potential sell-offs, which can exert downward pressure on Bitcoin’s price.
However, in this instance, the market response was relatively muted, with Bitcoin trading above $87,000 during early Asian hours.
The subdued market reaction could be attributed to Mt. Gox’s extension of its creditor repayment deadline to October 31, 2025, reducing immediate fears of large-scale liquidations.
Nonetheless, investors remain vigilant, as they await fresh Trump tariffs starting April 2.
However, instead of broad, industry-wide levies, Trump’s administration is expected to impose tariffs on specific countries with significant trade imbalances with the U.S., media reports showed.
This has alleviated some concerns about a potential escalation in trade tensions, leading to increased confidence in riskier assets like cryptocurrencies.
Trump Media, Crypto.com partner to launch crypto-backed ETFs
Trump Media & Technology Group Corp (NASDAQ:DJT), operator of the social media platform Truth Social, announced on Monday a non-binding agreement with Crypto.com to launch a series of exchange-traded funds (ETFs) under the Truth.Fi brand.
These ETFs will focus on digital assets and "Made in America" industries, spanning sectors such as energy, and will include Bitcoin, Crypto.com’s Cronos (NASDAQ:CRON) CRO/USD, and other crypto assets.
Crypto price today: most altcoins subdued; Cardano, Dogecoin gain
Most altcoins were also subdued, in line with Bitcoin.
World no.2 crypto Ethereum fell 0.7% to $2,052.24.
World no. 3 crypto XRP lost 1% to $2.4323.
Solana gained 1.3%, and Cardano jumped 2.6%, while Polygon was largely muted.
Among meme tokens, Dogecoin jumped 5.3%, while $TRUMP declined 3.5%.