The now-defunct Mt. Gox exchange has started distributing the long-awaited 140,000 Bitcoins to its creditors. This action has spurred speculation about how much of the $8 billion in Bitcoin will be sold. Smaller cryptocurrencies, such as XRP, Ethereum, and BNB, have experienced notable declines in market value due to their strong correlation with Bitcoin. For instance, as of July 5, the daily correlation coefficient between XRP and Bitcoin was 0.94, nearing a perfect score of 1. This trend might be attributed to investors liquidating their altcoin positions to offset losses in the Bitcoin market.
