Markets
Mt. Gox Refunds Worse BTC Problems
Bearish sentiment became more pronounced in the crypto market on Monday morning after defunct cryptocurrency exchange Mt. Gox, which was supposed to return more than 140,000 BTC to victims of a 2014 hack, said it will begin payments next month. Bitcoin slipped to $60,723, recording a loss of more than 5% in 24 hours at one point. Ether and the broader market followed suit, with the CoinDesk 20 Index (CD20) also falling more than 5%. Broadly speaking, bitcoin’s recent pullback above $70,000 has taken the form of a double top bearish reversal pattern. However, spot and futures volumes in the bitcoin and ether markets on centralized exchanges have been considerably weaker than March’s record highs, according to FalconX. This is a sign of decreasing investor participation or conviction in selling stocks, often a characteristic of a “bear trap.”