As the Clock Struck 3 AM , Mt. Gox Made a Move That Shook the Market.

As the clock struck 3 AM , Mt. Gox made a move that shook the market.

A total of 47,228 Bitcoins were withdrawn from Mt. Gox.

This transaction, which took place at 03:00 on July 5, 2024, caused the Bitcoin price to drop to $53,485 within 3 hours.

Thus, one-third of the Bitcoins held by Mt. Gox were moved off the exchange (most likely for sale). We do not yet know when the remaining 66% will move. However, I am closely monitoring the data.

With the volatility caused by this transaction on Mt. Gox, approximately $97 million worth of long positions were liquidated in the past 10 hours. Additionally, $22 million worth of short positions were liquidated during the same period.

I have set up my alert on CryptoQuant and will continue to keep you informed.

Thank you for reading.

Written by burakkesmeci