Is this why BTC is plummeting today?
Mt Gox, the infamous Bitcoin exchange that collapsed in 2014, has transferred a large amount of Bitcoin (BTC) to creditors as part of its repayment plan.
Today, Mt Gox transferred 42,587 BTC worth about $2.85 billion to an internal wallet. In addition, another internal wallet added another 5,110 BTC, indicating that the exchange is preparing for BTC repayment. As a result, the collapsed exchange currently holds 90,344 BTC, worth up to $6 billion.
July 22 marked the beginning of this repayment process. Moreover, the news coincided with the upcoming launch of a spot Ethereum ETF. This has sparked speculation about the impact that Bitcoin and Ethereum price movements may have on the market.
Mt Gox made a series of small Bitcoin transfers on Monday. The most recent transaction involved 0.021 Bitcoin, worth about $1,390, sent to the address 1C9Vo…t81Fa. The transfer took place minutes before the report was published and mirrors a similar transaction six days ago.
The timing of Bitcoin’s wild price swings has sparked intense speculation about its possible impact on the cryptocurrency market. The latest change on July 23 coincided with the launch of a spot Ethereum ETF, which has already caused a stir in the market.
The cryptocurrency market has experienced a bear market as the launch of the Ethereum ETF became a “sell on news” event. In addition, Ethereum whales are looking to profit from the ETF hype. Will this sentiment cause Ethereum to fall below $3,000?
Currently, both BTC and ETH have plummeted. BTC price fell below the $67,000 mark and is trading at $66,676.33, down 1.34%. Meanwhile, Ether price fell 1.55% to $3,450. However, Bitcoin’s decline may be temporary, as BTC price was still strong at $65,000 on July 16 when Mt Gox made a huge repayment.
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