What Impact Will the Broad Crypto Market Pullback Have on Altcoins Like Ether?

What are the Causes of the Recent Crypto Market Pullback?

With the cryptocurrency market as a whole down 3.39% and ether down 7.84% over the last 24 hours, investors are still assessing the effects of Mt. Gox’s most recent transfers and macro events. At the time of writing, Ether was trading for about $3,167.

The pronounced pullback… is not only unsurprising but expected. The market’s memory is short but, while the spot bitcoin ETFs did push prices higher, in the very beginning, crypto markets went down. Many speculators unwind their trade. This is all too common: buy the rumor, sell the news. The enthusiasm that the ETH spot ETF applications fomented, along with the approval and now with the actual trading, led to a healthy ramp-up where people are essentially trying to front-run the event. Once the narrative has fully played out, it’s time to take profit and move on to the next trade.

Justin d’Anethan, head of APAC business development

Bitstamp Starts Distribution of Bitcoin, Bitcoin Cash and Ethereum to Mt. Gox Creditors

Bitstamp announced on Wednesday that it has received Bitcoin, bitcoin cash, and Ethereum from the Mt. Gox trustees and has started the process of releasing digital assets to the creditors of the company. Starting Thursday, July 25, it intends to begin distributing the cryptocurrency assets to Bitstamp users. With stock and cryptocurrency values declining, traders might think the market is overheated, according to Nick Ruck, head of growth at BitU Protocol.

Due to the rapid volatility of these prices, many traders may take some profit until conditions become more stable,

Ruck

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