According to CoinDesk, Bitcoin faced renewed selling pressure on Tuesday after blockchain data revealed that the defunct exchange Mt. Gox began moving coins internally, potentially for creditor repayments.
The leading cryptocurrency by market value dipped 3%, briefly falling below $63,000 after testing the $65,000 mark during early Asian trading hours. The decline occurred as the wallet associated with Mt. Gox initially moved 0.021 BTC ($1,000) to a blockchain address. This small movement, likely a transfer test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, as tracked by Arkham Intelligence. The movement was likely part of the repayment plan, according to on-chain sleuth Lookonchain.
Mt. Gox, once the largest bitcoin exchange globally, went bust in 2014 after losing hundreds of thousands of bitcoin in a hack. The exchange began repaying its debt on July 4, raising fears of mass selling by creditors who have waited for reimbursements for a decade. Bitcoin's drop also impacted the broader market, with ether, the second-largest digital asset by market value, dipping over 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market gauge, fell over 2% to 2,182.
