🔥🔥🔥 #bitcoin☀️ sinks to $53,800, #Altcoins👀🚀 bleed following Mt. Gox’s billion transfer

Bitcoin’s price fell to $57,000 late Thursday and dropped further to $53,800 early Friday, according to TradingView data. This extended correction followed a significant transfer of $2.7 billion worth of Bitcoin from a Mt. Gox wallet to a new address.

On Thursday evening, a wallet associated with the now-defunct Mt. Gox exchange moved 47,229 BTC, approximately $2.7 billion, to a new hot wallet, as reported by Arkham’s data.

This transfer is part of Mt. Gox’s trustee plan to distribute over $9 billion in Bitcoin, Bitcoin Cash, and fiat currency to creditors, starting in July. The trustee announced this repayment plan publicly last month.

The recent wallet activity has intensified Bitcoin’s bearish momentum, exacerbated by Bitcoin transfers by both the German and US governments over the past few weeks.

According to CoinShares, Mt. Gox’s creditor repayments could potentially trigger panic selling across #CryptoMarkets . In a worst-case scenario, if all the Bitcoin were sold at once, a 19% daily drop could occur, although this is considered unlikely.

As Bitcoin loses ground, altcoins are also experiencing significant declines. Ethereum has fallen below $3,000, down 10% in the past day, as per CoinGecko data.

In the last 24 hours, Binance Coin ($BNB ) and #Toncoin (TON) have dropped 12% and 13%, respectively. Dogecoin ($DOGE ) and Cardano ($ADA ) have each suffered declines of 15%, while #TRON✅ (TRX) is down 3.5%.

Source - cryptobriefing.com