$6B Mt. Gox will drop the price of Bitcoin by 3% as it leaves a cold wallet
Bitcoin (BTC) shed more than 3% on July 16, as the so-called “FUD” of the ongoing exchange Mt. Gox has resurfaced.
Mt. Gox Bitcoin exits send the price below $6,000
Data from Cointelegraph Markets Pro and TradingView showed pressure on BTC price action after Bitstamp hit $65,000.
Gox-owned BTC was switched between wallets affiliated with the resettlement program.
According to data from crypto-intelligence firm Arkham, the amount of money involved totaled 92,000 BTC (roughly $5.7 billion) from Gox's cold wallet — about two-thirds of the exchange's total holdings.
“M. Gox 5 minutes ago $44,527BTC(2.84B) was transferred to the internal wallet, which may be preparing for payment,” responded onchain analytics platform Look Into Bitcoin via X (formerly Twitter).
Similar events surrounding Mount Gox, which first distributed refunds to defaulting lenders when it was hacked and shut down a decade ago, have negatively impacted prices, with markets fearing a BTC selloff.
But some believe that these fears do not correspond to reality.
“And the next Bitcoin FUD is here,” wrote famous crypto investor and YouTuber Quintin Francois on X's response.
Cointelegraph reports that in recent weeks, sell-side pressure has come from the German government in the markets, with confiscated BTC stocks now depleted.
BTC price is flirting with a key “bull market trend”.
The swings in anxiety marred Bitcoin's best performance in months.
RELATED: Is BTC Price High In July? 5 things to know in Bitcoin this week
BTC/USD last saw $65,000 on June 21, a major level that is the basis of Bitcoin's short-term holding price.
Also known as a confirmation price, the price base of estimates typically serves as support during bull markets, and was finally breached in August 2023.
As of July 15, look at the short-term holding price at $64,835.Look at Bitcoin.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
