The first half of 2024 witnessed significant volatility in the cryptocurrency markets, particularly for Bitcoin (BTC) and Ethereum (ETH). These fluctuations were influenced by various factors, including regulatory changes and market dynamics. Both BTC and ETH started the second half of the year on a subdued note. The announcement by the rehabilitation trustees of the defunct crypto-exchange Mt. Gox to distribute BTC and other assets to creditors resulted in a substantial market reaction. This distribution is anticipated to potentially lead to a 10.7% drawdown in BTC for the month, with ETH also experiencing a 14.7% decline due to its high correlation with BTC.
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