Mt. Gox moves 5.84 billion USD in Bitcoin, BTC price dumps to 62,800 USD
While the market turned green after shaking off negative news, the "ghost" of Mt. Gox continues to "haunt" investor psychology. Wallet of Mt. Gox moved more than 44,000 BTC worth $2.82 billion, most likely in preparation for debt repayment.
Update:
At about 3:30 PM on July 16, the cryptocurrency wallet of Mt. Gox continued to transfer another 48,641 BTC (3 billion USD) to a new address, bringing the number of assets moved today to 5.8 billion USD.
It is still unclear what the reason for this transfer is, but it is also possible that this is a change to the Bitcoin storage wallet of Mt. Gox similar to the end of May 2024.
Kraken exchange said it received BTC and BCH from Mt. Gox and will begin crediting to user accounts within the next 7-14 days.
Kraken Says Sucessfully Received Funds From Mt. Gox Trustee, Will Work to Distribute Within 7 to 14 days: Email Sent to Affected Users pic.twitter.com/OnCp8a7siM— Tree News (@News_Of_Alpha) July 16, 2024
Original article:
In the early afternoon of April 16, 2024 (Vietnam time), while the market was showing signs of recovery when the Bitcoin ETF recorded positive cash flow for 7 consecutive days, BTC approached 65,000 USD, then the "ghost" Mt. . Gox appeared once again.
According to data from Arkham, the wallet of Mt. Gox just moved 44,527 BTC, worth $2.82 billion to an internal wallet address. This could be a signal that the exchange is preparing to move large amounts to repay users, as previously confirmed.
MT. Gox moved 44,527 $BTC(2.84B) to an internal wallet 5 minutes ago, which may be preparing for repayment.#MtGox currently holds 138,985 $BTC($8.87B).https://t.co/f2q66eQNuk pic.twitter.com /JlqkZdzkPC— Lookonchain (@lookonchain) July 16, 2024
This news immediately caused the market to suspend all previous excitement. The king coin's price immediately decreased by 2,000, from around 64,800 USD to 62,800 USD. Currently, BTC has retreated to around $63,200.
ETH is also only around 3,400 USD while this morning it was almost touching 3,500 USD.
Looking at the liquidation data on Coinglass, one can clearly see the sudden turn of the market. In the past 24 hours, the value of "burned" short orders accounted for 63.7% of the total 204.78 million USD liquidation. But in the 1-hour frame, long orders dominated, up to 88% of the 19.8 million USD liquidation value.
