Why Did Bitcoin Drop From $70K To +$67K?
Today's market turmoil is largely due to Mt.Gox unexpectedly transferring billions of dollars of Bitcoin to new addresses.
▪️42,830 BTC ($2.94 billion) moved to an unknown address this morning
▪️Another 64,636 BTC ($4.2 billion) was transferred later
▪️Additional 34,138 BTC ($2.3 billion) transferred by the end of the day
In total, over $9.44 billion worth of Bitcoin was moved in a single day.
These transfers are part of the Mt.Gox Rehabilitation Plan, in which the trustees are moving the funds to a different wallet in preparation for the distribution that is likely to occur this year.
Although this move seemed to unnerve investors, the former CEO of Mt.Gox assured that "there will be no Bitcoin sell-off anytime soon."
