Graph is Sinking
The Graph (GRT) is down by 10.0% to $0.1840 this week, despite an earlier rise of 6.8% to $0.2180. Negative sentiment has swept the crypto market, dragging down prices across the board. Bitcoin (BTC) has dropped 7.0% to $57,500, creating a precarious situation. BTC prices may fall another 13.0% to $50,000, potentially pushing GRT down by 18.0% to $0.1500.
Traders suspect that the defunct Mt. Gox crypto exchange is driving this sell-off as it begins making its long-promised payouts. The exchange is set to repay creditors $9 billion in BTC. The market is now trying to gauge how much BTC has been sold to facilitate these repayments, which could explain the downward pressure on prices.
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