Mt. Gox on the Move:

Bitcoin Price Dips After Large BTC Transfers

Mt. Gox, the infamous Bitcoin exchange that collapsed in 2014, has been stirring up the cryptocurrency markets again

In a series of massive transfers, Mt. Gox moved a total of 95,869.97 BTC, valued at over $6 billion

This sudden influx of Bitcoin into the market triggered a sharp price drop and widespread liquidations

Impact on Bitcoin Price

Bitcoin price was experiencing a positive 24-hour trend before the Mt. Gox transfers, reaching $64,699.51.

Following the transfers, Bitcoin price dropped to $63,154.02, reducing its daily gains to a meager 0.81%.

Despite the dip, Bitcoin remains up 9.65% over the past week

Market jitters and Open Interest:

The Mt. Gox activity caused significant market jitters, leading to $210 million in liquidations.

Open interest in Bitcoin futures contracts also dropped by 1.58%, currently valued at $17.8 billion

Unclear Motive Behind the Transfers

The purpose of these Mt. Gox transfers remains unclear. Speculation ranges from internal reorganization to potential creditor compensation.

The transferred funds have not moved further yet

Stay tuned to Binance Feed for further updates on this developing story

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