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Bitcoin Repayment Plan Spurs Selling Pressure
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Bitcoin (BTC) experienced renewed selling pressure on Tuesday, following blockchain data indicating that the now-defunct exchange Mt. Gox started moving coins internally. This move is part of a potential repayment plan for creditors.

Impact on Bitcoin's Price

The leading cryptocurrency briefly dipped 3%, falling below $63,000 after testing the $65,000 mark during early Asian trading hours.

The decline coincided with the initial movement of 0.021 BTC ($1,000) to the blockchain address 1EoZd1QNCiN9JbnsqvLRDbHKLygAsXHg3V.

This small transfer, likely a test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, as tracked by Arkham Intelligence.

Mt. Gox's Role in the Selling Pressure

Mt. Gox, once the largest Bitcoin exchange, went bankrupt in 2014 after losing hundreds of thousands of bitcoins to a hack. The exchange started repaying its debt on July 4, leading to concerns about mass selling by creditors who have awaited reimbursements for nearly a decade. According to on-chain sleuth Lookonchain, the coin movements are likely part of this repayment plan.

Broader Market Impact

Bitcoin's price drop affected the broader cryptocurrency market. Ether (ETH), the second-largest digital asset by market value, also dipped over 2.5% to $3,400.