GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Bitcoin Price Slides 4% as Mt Gox Distributions Begin With Big BTC Move

On May 28, on-chain analysts observed that Mt. Gox distributions appeared to be underway. Around 42,900 BTC worth around $2.9 billion was being moved at the time though there could be as much as $6 billion worth.

Analyst James Check said that the Mt. Gox event is going to be “a fantastic case study for why on-chain data works so well for Bitcoin.”

Mt. Gox Distributions

A couple of hours later, LookOnChain reported that Mt. Gox still holds 95,061 BTC worth around $6.53 billion.

Crypto Crib posted an update to X stating that around $6 billion worth of BTC was on the move.

The big Bitcoin move is seen as Mt. Gox preparing to return its BTC holdings to creditors before the October 31 repayment deadline, over nine years after the exchange collapsed in 2014.

The company became insolvent after a devastating hack that led to the theft of 850,000 BTC, valued at $460 million at the time of the incident.

In February 2023, the largest creditors of the bankrupt crypto exchange chose a payment option that would allow them to receive a lump sum of their recovery payout in BTC rather than fiat.

Analysts had previously warned that transferring the Mt. Gox-era Bitcoin could spook the market and put downward price pressure on BTC.

This appears to be happening in Asian trading on Tuesday morning as crypto markets tanked 2.7%, with total capitalization falling to $2.68 trillion.

BTC Slides 4%

Bitcoin prices fell 4% from an intraday high of $70,600 to bottom out at $67,555 around 12 hours later during the Tuesday morning Asian trading session.

It had recovered marginally to trade at $67,844 at the time of writing and was within its multi-month range-bound channel.

However, it remains to be seen whether prices will fall further if creditors decide to liquidate their assets when they receive them instantly.

Trader “Bleeding Crypto” said he was eyeing technical support levels at $65,000 and $61,450.

The post Bitcoin Price Slides 4% as Mt Gox Distributions Begin With Big BTC Move appeared first on CryptoPotato.

Latest Press

post-thumbnail
News
4 hours ago
MrBeast Breaks Silence on Memecoin Rumors: The Truth Revealed!
The post MrBeast Breaks Silence on Memecoin Rumors: The Truth Revealed! appeared first on Coinpedia ...
READ MORE
post-thumbnail
News
4 hours ago
All Eyes On Altcoins: Why WallitIQ (WLTQ) Can Help You Turn Your $500 Portfolio Into Millions In 2025
The post All Eyes On Altcoins: Why WallitIQ (WLTQ) Can Help You Turn Your $500 Portfolio Into Millio...
READ MORE
post-thumbnail
News
4 hours ago
Donald Trump Memecoin Kicks Off Altcoin Season Till 2028, Says CryptoQuant CEO
The post Donald Trump Memecoin Kicks Off Altcoin Season Till 2028, Says CryptoQuant CEO appeared fir...
READ MORE
post-thumbnail
News
4 hours ago
Shiba Inu Whales are Looking at the Doge Uprising Presale – Is $DUP the Next SHIB?
The post Shiba Inu Whales are Looking at the Doge Uprising Presale – Is $DUP the Next SHIB? appear...
READ MORE
post-thumbnail
News
4 hours ago
Why Bitcoin Price is Up Today? Donald Trump Inauguration Plans Fuel Bitcoin Reserve Rumors
The post Why Bitcoin Price is Up Today? Donald Trump Inauguration Plans Fuel Bitcoin Reserve Rumors ...
READ MORE
post-thumbnail
News
4 hours ago
Solana Price Prediction As Donald Trump’s Inauguration Nears
The post Solana Price Prediction As Donald Trump’s Inauguration Nears appeared first on Coinpedia ...
READ MORE
post-thumbnail
News
4 hours ago
Crypto Outlook Today: How Will Trump’s Inauguration Impact Bitcoin’s Price?
The post Crypto Outlook Today: How Will Trump’s Inauguration Impact Bitcoin’s Price? appeared fi...
READ MORE
post-thumbnail
News
4 hours ago
Is the TRUMP Rally a ‘Top Signal’ for the Market? Has an Era of ‘Celebrity Coins’ Begun? Decoding the Truth
The post Is the TRUMP Rally a ‘Top Signal’ for the Market? Has an Era of ‘Celebrity Coins’ B...
READ MORE
post-thumbnail
News
4 hours ago
Big Crypto Players See A Breakthrough With New DeFi Token Set To Take Over The Ton Blockchain
The post Big Crypto Players See A Breakthrough With New DeFi Token Set To Take Over The Ton Blockcha...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started