In a significant on-chain development, the defunct crypto exchange Mt. Gox has moved 13,265 Bitcoins, valued at approximately $784 million, to two unknown wallets as part of its ongoing repayment process. This transfer comes shortly after Bitcoin lost its crucial $60,000 price support, adding to the market's volatility.
Mt. Gox Bitcoin Repayment Progresses
Mt. Gox continues its repayment efforts, following a recent transfer of $2 billion worth of Bitcoins to the crypto exchange BitGo. The latest transaction involves $784 million in BTC, split between two wallet addresses: $709.44 million to â1PuQBâŠnWhTbâ and $74.77 million to â1JbezâŠLAPs6,â according to data from Arkham Intelligence. These Bitcoins may eventually be moved to exchange addresses for further repayment activities.
In July, Mt. Gox transferred 95,523 Bitcoins, worth $6.14 billion, to various crypto exchanges such as BitGo, Kraken, and Bitstamp. Despite these large transfers, the exchange still holds 46,164 BTC, valued at approximately $2.74 billion at the current market price. The repayment process is expected to be completed by the end of this year, as previously reported.
Bitcoin Faces Rejection at $60,000
Bitcoin has struggled to maintain its price above the $60,000 mark, experiencing a 2.5% drop to $59,323. Over the past month, Bitcoin has fluctuated within the $50,000 to $60,000 range, with bulls facing continuous challenges to sustain higher levels.
Despite the recent price struggles, Bitcoin miners are nearing the end of a capitulation phase, and investors are hopeful for a rally following the upcoming BTC halving event. Meanwhile, Bitcoin whales have been actively accumulating during the price dips. Blockchain analytics firm Santiment reports that wallets holding between 100 and 1,000 BTC have added nearly 100,000 coins to their holdings over the past six weeks.
For Bitcoin to initiate the next phase of its rally, it will need to regain and hold above the $60,000 resistance level. Market participants are now closely watching the upcoming Federal Open Market Committee (FOMC) meeting on Wednesday and the subsequent speech by Federal Reserve Chair Jerome Powell. Analysts are eagerly awaiting indications of potential Fed rate cuts, which could begin as early as September, and their impact on Bitcoinâs price trajectory.
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