Mt. Gox Transfers $931.19M in Bitcoin Amid Market Downturn Franklin Templeton Joins XRP ETF Race With $1.53T Assets Cardano Trading Volume Surges 101% Amid Bearish Pressure

Mt. Gox, the defunct cryptocurrency exchange, has made a significant transfer of 11,834 Bitcoins, valued at approximately $931.19 million, amidst a market downturn. The majority of these funds were moved to a new wallet, with the remainder sent to a warm wallet. This transfer follows a previous movement of $1.07 billion to a new wallet on March 6, and a smaller transfer of $15 million. These actions come at a time when the crypto market is experiencing a severe downturn, with Bitcoin dropping to lows of $76,000 and Ethereum falling below $1,800, the lowest level since October 2023. Mt. Gox, which filed for bankruptcy in 2014, began repaying its customers last July, with the final repayment deadline extended to October 31, 2025. Despite this extension, the transfers continue to draw significant attention within the crypto community.

Franklin Templeton, an investment giant with assets totaling $1.53 trillion, has filed a proposal for an XRP Exchange-Traded Fund (ETF). This move positions Franklin Templeton as a major player in the XRP ETF race, joining other applicants such as Bitwise, Canary Capital, 21Shares, Grayscale, and WisdomTree. The U.S. Securities and Exchange Commission (SEC) has acknowledged the proposals from these firms, although the approval process remains uncertain. The SEC's decision on Grayscale’s application is anticipated by October 18. Meanwhile, other unique XRP ETF products have been filed, including one that allows investors to bet against the price of the token. At the time of reporting, XRP was trading at $2.16, with a 4.13% increase over the past 24 hours.

Cardano (ADA) has seen a surge in trading activity, with its trading volume hitting $2 billion over the previous 24 hours. This increase in trading volume indicates renewed interest in the asset, as traders take advantage of the recent dip to reenter the market. Following five consecutive days of declines, Cardano’s price slightly rebounded on Tuesday, finding support near $0.647. At the time of reporting, ADA was trading at $0.7240, up 1.01% over the past 24 hours. Despite this recent uptick, technical indicators suggest ongoing bearish pressure, as ADA had fallen below key moving averages during the sell-off. The next few days will be crucial in determining whether the recent bounce is the start of a fresh uptrend or a short relief rally.