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 former CEO of Mt.Gox assured that “there is no imminent sale of bitcoins happening.”