Why Did Bitcoin Drop from $70k+ to $67k+?
Today's market turbulence is largely due to Mt.Gox unexpectedly transferring billions in Bitcoin to new addresses.
▪️This morning, 42,830 BTC ($2.94bn) was moved to an unknown address
▪️Later, another 64,636 BTC ($4.2bn) was transferred
▪️By day's end, an additional 34,138 BTC ($2.3bn) was transferred
In total, over $9.44bn worth of Bitcoin was moved in a single day.
These transfers are part of the Mt.Gox Rehabilitation Plan, where trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year.
The movement appeared to unnerve traders but the former CEO of Mt.Gox assured that “there is no imminent sale of bitcoins happening.
