The global cryptocurrency market value has fallen below $2 trillion.

According to data from analysis firm Coinmarketcap, as of 11:45 AM, Bitcoin, which saw nearly a 6% decrease in the past 24 hours, fell to $54,250.

Ethereum, the second-largest cryptocurrency by market value, also saw a 9.6% decrease in the past 24 hours, dropping to $2,864.

The global cryptocurrency market value decreased by 7.7% in 24 hours, falling to $1.98 trillion.

Analysts attribute the decline in Bitcoin and other cryptocurrency prices to reports that the now-defunct Mt. Gox exchange has started distributing assets stolen in 2014 to their rightful owners.

Mt. Gox, which is expected to distribute approximately $10 billion worth of cryptocurrency assets to owners gradually this month, has caused concern among investors that a significant portion of these assets will be sold.

Analysts also mention that the possibility of Joe Biden withdrawing from the US presidential election and being replaced by an “anti-crypto” candidate has created selling pressure on these assets.

Since the last quarter of 2023, Bitcoin had been on an upward trend, reaching a record high of $73,750 on March 14 following the approval of 11 Bitcoin spot ETF applications by the US Securities and Exchange Commission (SEC).

source: prepared by Melisa Beğiç

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