BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins
BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins
Bitcoin price has tanked all the way to $55,000 as Mt. Gox moves 44,700 Bitcoin in the last two hours. The 24-hour Bitcoin liquidations have crossed $200 million.
By Bhushan Akolkar
Mt. Gox wallets, which recently moved 47,229 BTC worth $2.7 billion.
Bitcoin investors are anxious about how Mt Gox creditors will handle their newly received Bitcoins
Bitcoin liquidations have surged to nearly $200 million in the last 24 hours.
Massive selling pressure in Bitcoin persists as the BTC price has crashed another 5.5% in the last 24 hours with its price slipping under $56,000. The recent selling pressure comes as Mt. Gox wallets have become active again and started moving Bitcoins.
As per the recent data from Arkham Intelligence, crypto exchange Mt. Gox transferred 47,229 BTC, worth a staggering $2.7 billion, to a new wallet address “1L7XbxQ” two hours ago. However, the transfer raises questions regarding the exchange’s intentions as similar transfers happened to new wallets earlier in May.
However, after the May transfers, Mt. Gox officially declared that it plans to repay the creditors in early July. As we are finally in July, Bitcoin investors have turned jittery anticipating what the Mt. Gox creditors do with their Bitcoins once they receive them. Interestingly, the Arkham data shows that 2,702 Bitcoin have moved back to a cold wallet belonging to Mt. Gox.
Courtesy: Arkham Intelligence
The recent news around the Mt. Gox repayment and the sell-off by the German government has led to the Bitcoin price volatility with bears gaining the upper hand. PlnaB, the author of the stock-to-flow model noted:
“Yes yes, German government is selling 50,000 btc (10,000 already sold), and Mt.Gox is giving 142,000 btc back to investors (some may sell) … however I see nothing in the data that indicates structural weakness in bitcoin markets”.
