Fun

Bitcoin price sheds 3% as $6B leaves Mt. Gox cold wallet

News Feed - 2024-07-16 05:07:00

William Suberg30 minutes agoBitcoin price sheds 3% as $6B leaves Mt. Gox cold walletMt. Gox appears to be shifting funds from cold storage in preparation for distribution to creditors, with nearly 100,000 BTC in outflows on July 16.482 Total views2 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) shed over 3% on July 16 as what analysis called “FUD” involving defunct exchange Mt. Gox resurfaced.BTC/USD 1-hour chart. Source: TradingViewMt. Gox Bitcoin outflows send price below $6,000


Data from Cointelegraph Markets Pro and TradingView showed BTC price action under pressure after hitting $65,000 on Bitstamp.


The downturn came as BTC belonging to Mt. Gox shifted between wallets affiliated with its rehabilitation program.


According to data from crypto intelligence firm Arkham, the amount involved totaled some 92,000 BTC (approximately $5.7 billion) in outflows from Mt. Gox’s cold wallet — around two thirds of the exchange’s total holdings.Mt. Gox cold wallet transactions (screenshot). Source: Arkham


“Mt. Gox moved 44,527 $BTC(2.84B) to an internal wallet 5 minutes ago, which may be preparing for repayment,” onchain analytics platform Look Into Bitcoin responded on X (formerly Twitter).


Similar events surrounding Mt. Gox, now due to distribute refunds to creditors who originally lost them when it was hacked and closed down more than a decade ago, have had a detrimental effect on price, with markets fearing mass BTC sales as a result.


Some, however, believe those fears do not match reality.


“And here is the next Bitcoin FUD,” popular crypto investor and YouTuber Quinten Francois wrote in part of an X reaction.


As Cointelegraph reported, sell-side pressure spooking markets in recent weeks also came from the German government, whose stocks of confiscated BTC are now depleted.BTC price flirts with key "bull market trendline"


The flurry of concern disrupted what had been arguably Bitcoin’s best performance in months.


Related: BTC price all-time high in July? 5 things to know in Bitcoin this week


BTC/USD last saw $65,000 on June 21, a significant level being Bitcoin’s short-term holder cost basis.


Also known as realized price, the cost basis of speculators traditionally functions as support during bull markets, and had last been violated in August 2023.


Look Into Bitcoin put the short-term holder cost basis at $64,835 as of July 15.Bitcoin short-term holder realized price (screenshot). Source: Look Into Bitcoin


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reaction

News Feed

Demand for Crypto Analytics Continues as Messari Raises $21 Million
Demand for Crypto Analytics Continues as Messari Raises $21 Million The crypto analytics and market intelligence company Messari revealed on Thursday the firm ha
RFK Jr’s running mate floats ‘unity party’ with former President Trump
Vince Quill2 hours agoRFK Jr’s running mate floats ‘unity party’ with former President TrumpNicole Shanahan claimed that 51% of Americans were against the two-party system dominating modern United States politics.5
Bank of England Hikes Repo Rate by 75bps — UK’s 30-Year Fixed Mortgage Rate Jumps to 7%
Bank of England Hikes Repo Rate by 75bps — UK"s 30-Year Fixed Mortgage Rate Jumps to 7% On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the ei
William Suberg12 hours agoBTC price holds 6% gains as Bitcoin battles for ‘crucial’ $28K supportBitcoin is at a “critical milestone” as BTC price tackles the $28,000 mark, say the co-founders of Glassnode.2821 To
BTC price shoots up $1.5K in seconds as US CPI shows inflation slowing
William Suberg10 hours agoBTC price shoots up $1.5K in seconds as US CPI shows inflation slowingBitcoin comes charging back after a single U.S. macro data print reverses days of BTC price declines.5756 Total views11 Tota
South Korean Regulator Analyzing 578 Cryptocurrencies
South Korean Regulator Analyzing 578 Cryptocurrencies South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We
Coinbase Patents AI Compliance System to Monitor and Flag Accounts
Coinbase Patents AI Compliance System to Monitor and Flag Accounts Popular U.S. cryptocurrency exchange Coinbase received a patent November 19, for an AI-driven compliance system
Acclaimed NFT Artist’s Blockchain-Backed Digital Art Auction Raises $3.5 Million
Acclaimed NFT Artist"s Blockchain-Backed Digital Art Auction Raises $3.5 Million Blockchain-backed digital art is continuing to make waves and this week an artis
Derek Andersen3 hours agoVoyager customers targeted by scammers during 30-day withdrawal period: ReportPhony websites offered customers a premium for claiming through them. In reality, they drained customers’ wallets.9
Bitcoin entering most likely 2 weeks for new BTC price dip — Analysis
William Suberg6 hours agoBitcoin entering most likely 2 weeks for new BTC price dip — AnalysisBitcoin market inertia is dragging on, and a BTC price drop over the next fortnight would correspond to classic post-halving
Vitalik Buterin Has Suggestions for Dogecoin and Doge’s Cooperation With Ethereum
Vitalik Buterin Has Suggestions for Dogecoin and Doge"s Cooperation With Ethereum Ethereum co-founder Vitalik Buterin has some suggestions of what he personally would like to see h
Super Sushi Samurai token plunges 99% due to double-spending glitch
Zhiyuan Sun5 hours agoSuper Sushi Samurai token plunges 99% due to double-spending glitchOver $4.8 million was withdrawn from its liquidity pool by a self-proclaimed white hat hacker.773 Total views9 Total sharesListen t