Cryptocurrencies down over 2% despite launch of Ethereum ETFs

By Ovunc Kutlu

ISTANBUL (AA) - Cryptocurrencies were down more than 2% Tuesday, despite the launch of Ethereum exchange-traded funds (ETFs) on major US stock exchanges.

The value of the cryptocurrency market stood at $2.4 trillion at 5.11 p.m. EDT, down 2.64% for the day, according to CoinMarketCap, a digital asset price-tracking website.

Bitcoin's price was down 2.84% to $65,990 at the time, but Ethereum, the world's largest altcoin by market cap, was trading at $3,489 for a daily increase of just 0.58%.

The US Securities and Exchange Commission on Monday approved the final registration statements necessary for the ETFs to launch on major US stock exchanges that include the Nasdaq, the NYSE Arca and the Chicago Board Options Exchange (CBOE)

Cryptocurrencies have been under downward pressure after defunct crypto exchange Mt. Gox started this month to distribute digital assets stolen from its clients in a hacking event in 2014. Its hacking resulted in the loss of an estimated 740,000 Bitcoin, which was worth almost $49 billion in value as of Tuesday.

The crypto network activity showed that Mt. Gox moved approximately 5,000 Bitcoins during the day as part of its repayment process.

Some users on the social network forum Reddit confirmed Tuesday that they have received their repayments from Mt. Gox.

"Kraken BTC arrived!" wrote one user, while others said "I'm crying of happiness for us all" and "Just received mine too. An end of an era guys! A day I never thought would come."