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Mt. Gox Moves 45,511 Bitcoins Worth $3.15 Billion: Potential Market Impact
1. Massive Transfer:
- Mt. Gox transferred 45,511 Bitcoins worth $3.15 billion to three wallets in the past two hours.
2. Creditor Repayment:
- This move is likely part of the creditor repayment process. Since July 5, 2024, Mt. Gox has transferred a total of 61,559 Bitcoins worth $3.88 billion to exchanges such as Kraken, Bitstamp, and SBIVC.
3. Market Reaction:
- Despite the transfer, Bitcoin's price remains relatively stable, with a minor dip of 0.5% to $66,000 after dropping from $70,000 earlier.
4. Volatility Ahead:
- A significant negative gamma between the $65,000 and $70,000 price range indicates potential strong price volatility. This is driven by options expiring on August 2, dominating the BTC options market.
5. FOMC Meeting Watch:
- Investors are closely monitoring the upcoming FOMC meeting on July 31. The meeting’s commentary on inflation and economic growth is expected to play a key role in Bitcoin’s price action moving forward.
6. Whale Accumulation:
- Amid the current price drop, Bitcoin whales have been strongly accumulating BTC, indicating potential confidence in the market's future stability.
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