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Bitcoin Cash is trading lower by 4.1% to $382.50 Tuesday morning. Shares of several altcoins are falling Tuesday in sympathy with Bitcoin as the apex crypto drops roughly 2% for the session. Traders and investors are reacting after defunct crypto exchange Mt. Gox reportedly initiated a $2.84 billion repayment plan, transferring 44,527 BTC to Kraken for distribution. This significant movement raises concerns of mass selling by creditors.
When a substantial amount of Bitcoin is moved, especially in connection with a known event like Mt. Gox repayments, it can lead to market anxiety and speculation. Investors might fear a sudden increase in Bitcoin supply if creditors decide to sell their received Bitcoins. This fear can cause a chain reaction of selling, affecting not just Bitcoin but also other cryptocurrencies, including Bitcoin Cash.
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Bitcoin Cash, being less liquid compared to Bitcoin, can experience more significant price movements from relatively smaller trades. If investors are liquidating Bitcoin in anticipation of falling prices, they might also liquidate their Bitcoin Cash holdings to mitigate potential losses, thus driving down BCH prices.
Posted In: $BCH
