Customers of the defunct crypto exchange lost their funds in a 2014 hack, and the imminent distribution of nearly $9 billion worth of assets to creditors has been weighing on...
Bitcoin cash led with a 7% decline, while Solana's SOL, Ripple's XRP and Cardano's ADA also dropped 4%-5% as the news of the Mt. Gox distribution weighed on sentiment.
The bank reduced its year-to-date crypto market net flow estimate to $8 billion due to a decline in bitcoin reserves across exchanges in the past month.
The market will have to absorb $4 billion to $7 billion of bitcoin selling pressure throughout the middle of the year, which will weigh on prices, K33 Research said.