$BTC

Bitcoin Nosedives Under $58K Amid Mt. Gox, German Government Wallet Movements

A wallet belonging to a German official entity moved its largest stash of BTC to exchanges earlier today, while Mt. Gox wallets showed activity for the first time in a month.

Bitcoin dropped under $58,000 for the first time since May, marking a 5% loss in 24 hours.Mt. Gox wallets, dormant for a month, showed activity with test transactions, hinting at potential asset distributions and increased selling pressure.

Bitcoin (BTC) plunged under $58,000 in European morning hours, extending 24-hour losses to nearly 5% and dropping to prices not seen since early May.

The sell-off came as wallets belonging to defunct crypto exchange Mt. Gox showed signs of activity for the first time in a month and the German Federal Criminal Police Office moved over $75 million to crypto exchanges.