Grandfather of crypto falls below the $8,000 level after consolidation
Bears finally took over the cryptomarket and pulled the price for BTC down.
Bitcoin goes down
On Monday, crypto assets generally went down, with Bitcoin heading south from overnight peaks to near two-week minimums.
As a matter of fact, on the Investing.com Index, Bitcoin inched down by about 2.8% ending up with a reading of $3,714.90 at 9:19 AM ET.
Crypto assets generally headed south, dipping to $125 billion at the time of writing in contrast with Sunday’s result of $130 billion.
In addition to this, Ethereum sank by approximately 6% concluding the trading session at $125.51, while XRP declined by 3.5% reaching $0.30236. As for Litecoin, this digital coin was worth $45.775, slipping by nearly 5%.
Besides this, crypto exchange Quadriga most probably stored a huge amount of Ethereum on other crypto resources, as follows from a report from consulting firm ZeroNonCense.
The report comes with testimony from Kraken CEO Jesse Powell as well as MyCrypto CEO Taylor Monahan. It also concludes that Quadriga kept up to 650,000 ETH on other crypto exchanges, such as Bitfinex and Kraken.
The crypto exchange is believed to have missed CA$180 million dollars in crypto assets because of the unexpected death of its creator Gerry Cotten, who turned out to be the only person with access to the company’s cold wallet.
In case ZeroNonCense claims happened to be true, the funds could permit Quadriga to regain solvency and have operations resumed.
Earlier ZeroNonCense told that the crypto exchange never kept the CA$180 million in the first place.
Quadriga is currently facing a number of lawsuits from folks trying to secure missing money after CEO Gerald Cotten suddenly passed away in India in December. Canadian financial institutions also question the management of the crypto exchange because of the uncertainty of their origin as well as alleged money laundering issues.
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