TWO EVENTS have contributed to a massive market shift, leading to a crash exceeding $9 BILLION, with Bitcoin’s price dropping below $53,485.

1. Mt. Gox Starts Bitcoin Repayment

Mt. Gox, the infamous crypto exchange, has initiated repayments in Bitcoin and Bitcoin Cash to some of its creditors. This move was announced on Friday and facilitated through various crypto exchanges. According to Arkham Intelligence, Mt. Gox moved over 47,000 Bitcoins, valued at approximately $2.71 billion, from cold storage to a new wallet.

2. Whales Selling Off

Recent on-chain data indicates that Bitcoin whales have been actively selling off their holdings. Over the past month, more than 30,000 Bitcoins, valued at over $1.8 billion, have been sold by these large holders. Crypto analysts suggest that this selling pressure could push Bitcoin's price further down towards the next major support level around $52,000.

Implications for Investors

These developments underscore the volatility and potential risks in the current market environment. Investors should remain cautious and stay informed about ongoing trends and market dynamics.

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