Bitcoin returns below $60,000 as Mt Gox moves 13,265 BTC

According to Arkham Intelligence, the bankrupt exchange of Mt. Gox Bitcoin transferred 13,265 BTC worth about $784 million on August 21st.

12,000 BTC were then directed to a new address, while the remaining 1,265 went to a cold wallet associated with Mt. enjoy It is the first major BTC move by the exchange’s fiduciary in three weeks.

🛑 Here we go again 👇 Mt. Gox Moves 13,265 Bitcoin https://t.co/cNSPM3rOvH pic.twitter.com/uwLfdjaAaD

— HODL15Capital 🇺🇸 (@HODL15Capital) August 21, 2024

Bitcoin Price Slides

The address of Mt. Gox still has 46,164K BTC worth about $2.74 billion, according to Arkham. In July, the failed stock exchange began paying its creditors as part of its rehabilitation plan. It moved a whopping 44,527 BTC worth about $2.84 billion at the time. This led to a 3% dump as bitcoin lost $2,000 in a matter of hours.

The exchange, one of the world’s first BTC markets, became insolvent after a devastating hack that led to the theft of 850,000 BTC valued at around $460 million at the time of the incident in 2014.

The latest move already appears to have sparked some panic selling, with bitcoin down 3% over the past 12 hours and falling back below $60,000. At the time of writing, the asset was trading at $59,500, according to CoinGecko.

However, analysts have noted that markets have remained resilient to this onslaught of selling pressure.

With Mt. Gox returning 140,000 BTC, the German government selling 50,000 BTC, the US government offloading another 10,000, and a miner sale virtually over, “PlanB” noted.

He added that there will be a large $12.7 billion cash distribution from FTX in the fourth quarter, which “may be the spark that lights the bomb.”

Periodic reminder.
You can’t keep the ball underwater forever.
MtGox returns 140,000 BTC, German government sells 50,000 BTC, US government sells 10,000 BTC, miners forced to sell BTC after halving… this is done. pic.twitter.com/1Qo6i9HzfD

— PlanB (@100trillionUSD) August 20, 2024

How are Altcoins holding up?

Crypto markets have lost 2.3% over the past 24 hours, which means altcoins are suffering more than their big brother. The total market capitalization currently stands at $2.19 trillion.

Ethereum was down a similar percentage, falling from an intraday high of $2,700, where there is strong resistance at $2,590 at the time of writing.

Altcoins are back in the red, apart from Tron (TRX), up 11% after a court win against the SEC this week, and Avalanche (AVAX), up 4.5 %.

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