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Other major cryptocurrencies have also seen significant price drops. Ethereum ($ETH), the second-largest cryptocurrency by market value, is down 2.23%. Solana ($SOL) has fallen by 2.82%, and XRP by 2.19%.

Bitcoin’s value has dropped by 10% since discussions around rate cuts began. This decline suggested that the market is not seeing the benefits that many had expected.

Osprey’s OBTC has been around since February 2021 and was originally designed to compete with the Grayscale Bitcoin Trust (GBTC). 

Bitcoin’s increasing dominance began in late 2022, primarily driven by speculation around a spot Bitcoin exchange-traded fund (ETF). 

The recent transfer of 1,264.69 BTC from Mt. Gox’s cold wallet to Bitstamp is a key part of this repayment process. 

VanEck estimates that by 2027, if 20% of Bitcoin miners’ computing power is used for AI projects, it could generate a net present value of $38 billion. 

The BlackRock iShares Bitcoin ETF, trading under the ticker "IBIT", led the way, attracting $157.6 million.

Previously, financial advisers could only respond to client inquiries about Bitcoin investments, but now they can actively recommend these products.

The Crypto Fear & Greed Index, which gauges market sentiment, has shifted from a value of 67 ("Greed") to 26 ("Fear") since 29 July. 

Mt. Gox estate's $2.2 billion transfer is a crucial step in resolving the aftermath of the hack that crippled the exchange a decade ago.