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Ethereum Classic (CRYPTO: ETC) is trading lower by 3.1% to $21.20 during Tuesday’s session. Shares of several altcoins are declining on Tuesday in tandem with Bitcoin, which is down around 2% for the session. The market’s reaction comes in the wake of news that the now-defunct crypto exchange Mt. Gox has reportedly begun a $2.84 billion repayment plan, transferring 44,527 BTC to Kraken for distribution. This considerable shift is potentially causing fears of large-scale selling by creditors.
Cryptocurrencies often move in tandem due to overall market sentiment. When a major cryptocurrency like Bitcoin experiences significant selling pressure or price decline, it tends to affect the prices of other cryptocurrencies, including Ethereum Classic. This occurs because many investors hold diversified portfolios of various cryptocurrencies, and negative sentiment towards one can spread to others.
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The Mt. Gox collapse in 2014 was a significant event in the history of cryptocurrencies, leading to a substantial loss of trust and confidence in the market. The repayment process revives memories of that event and can contribute to market anxiety. As a result, investors might react more strongly to news related to Mt. Gox, leading to broader market impacts, including on Ethereum Classic.
Posted In: $ETC
