Leading cryptocurrencies dipped Tuesday as defunct cryptocurrency exchange Mt. Gox moved Bitcoins worth more than $780 million.

What Happened: Bitcoin fell from the high $60,000s to below $59,000 in early trading before a slight rebound and consolidation in the $59,000–$59,600 region.

Late evening, a wallet linked to Mt. Gox transferred about 13,265 BTC, or $784 million, to two separate addresses, with 12,000 BTC going into a new address. 

The bankrupt exchange started liquidating its $9 billion worth of BTC stash in July as part of its payout obligations to creditors. As of this writing, nearly $2.7 billion in BTC was still in Mt. Gox’s custody.

Ethereum also dipped below $2,600 in early hours, to later move sideways in the $2,500 region.

The pullback resulted in liquidations of nearly $79 million in bullish bets in the last 24 hours, with total liquidations going past $117 million.

Bitcoin’s Open Interest dropped 2.05% in the last 24 hours. A drop in OI, coinciding with a drop in price, indicated forced closure of bullish longs.

The Cryptocurrency Fear & Greed Index fell from 30 to 26 in the last 24 hours, flashing “Fear” as of this writing.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.09 trillion, following a contraction of 2.07% in the last 24 hours.

Stocks edged lower Tuesday, snapping an 8-day winning streak. The Dow Jones Industrial Average slid 61.56 points, or 0.15%, to end at 40,834.97. The S&P 500 fell 0.20% to close at 5,597.12, while the tech-heavy Nasdaq Composite dropped 0.33% to end at 17,816.94.

Despite the U-turn, major indices have scripted a strong turnaround from the Aug. 5 rout, precipitated by fears of recession and the unwinding of yen carry trades. The S&P 500 and Nasdaq rose 1.3% and 1.2%, respectively, over the month.

Investors will now be on the lookout for the Federal Reserve’s policy meeting slated for Wednesday, followed by a speech from Chair Jerome Powell on Friday, to make informed predictions about next month’s FOMC meeting.

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Analyst Notes: Popular cryptocurrency analyst and trader Fefe Demeny said he was happy with Bitcoin’s pullback and hoped it would dip further.

“I was expecting a reversal around $2.3 trillion on the total crypto market cap (65,500-ish on BTC) but if we are able to test $1.9 trillion first the probability of ATHs increases extremely,” the analyst predicted.

Veteran trader Peter Brandt called charts of Bitcoin and Ethereum of continuing interest.

Regarding King Crypto, Brandt ruled out a defining trend, but stated that ETH would remain “defensive” until it closed above $3,050.  

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