Spike

Bitcoin

Arkham

Massive selling pressure in Bitcoin persists as the BTC price has crashed another 5.5% in the last 24 hours with its price slipping under $56,000. The recent selling pressure comes as <a href="https://coingape.com/mt-gox-activates-wallets-ahead-9b-bitcoin-bch-payout-whats-next/" target="_blank" rel="noopener">Mt. Gox wallets</a> have become active again and started moving Bitcoins. 
<h3 id="mt-gox-wallets-move-2-7-billion-worth-of-bitcoins">Mt. Gox Wallets Move $2.7 Billion Worth of Bitcoins</h3> 
As per the recent data from Arkham Intelligence, crypto exchange Mt. Gox transferred 47,229 BTC, worth a staggering $2.7 billion, to a new wallet address “1L7XbxQ” two hours ago. However, the transfer raises questions regarding the exchange’s intentions as similar transfers happened to new wallets earlier in May. 
However, after the May transfers, Mt. Gox officially declared that it plans to repay the creditors in early July. As we are finally in July, Bitcoin investors have turned jittery anticipating what the Mt. Gox creditors do with their Bitcoins once they receive them. Interestingly, the Arkham data shows that 2,702 Bitcoin have moved back to a cold wallet belonging to Mt. Gox. 
<figure id="attachment_205992" aria-describedby="caption-attachment-205992" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-205992" src="https://coingape.com/wp-content/uploads/2024/07/Mt-Gox-Bitcoin.jpg" alt="" width="647" height="265" srcset="https://coingape.com/wp-content/uploads/2024/07/Mt-Gox-Bitcoin.jpg 647w, https://coingape.com/wp-content/uploads/2024/07/Mt-Gox-Bitcoin-300x123.jpg 300w, https://coingape.com/wp-content/uploads/2024/07/Mt-Gox-Bitcoin-150x61.jpg 150w" sizes="(max-width: 647px) 100vw, 647px">
 <figcaption id="caption-attachment-205992" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank">Arkham Intelligence</a>
 </figcaption>
</figure> 
The recent news around the Mt. Gox repayment and the sell-off by the <a href="https://coingape.com/german-govt-dumps-another-1300-btc-to-coinbase-kraken-bitstamp/" target="_blank" rel="noopener">German government</a> has led to the Bitcoin price volatility with bears gaining the upper hand. PlnaB, the author of the stock-to-flow model noted: 
<blockquote>
 “Yes yes, German government is selling 50,000 btc (10,000 already sold), and Mt.Gox is giving 142,000 btc back to investors (some may sell) … however I see nothing in the data that indicates structural weakness in bitcoin markets”.
</blockquote> 
Also Read: <a href="https://coingape.com/tron-justin-sun-ready-to-negotiate-with-german-govt-on-bitcoin-sales/" target="_blank" rel="noopener">Tron’s Justin Sun Ready to Negotiate With German Govt. on Bitcoin Sales</a> 
<h3 id="btc-liquidations-spike">BTC Liquidations Spike</h3> 
As per data from Coinglass, the <a href="https://coingape.com/bitcoin-plummets-to-57k-as-btc-selloff-intensifies-whats-happening/" target="_blank" rel="noopener">Bitcoin liquidations</a> in the last 24 hours have reached close to $200 million. As per the options market data, Bitcoin’s major short-term implied volatilities are up 10%, with the DVol (realized volatility) up 3%. 
As a result, Bitcoin’s positive correlation with the global stock markets has tanked further. While the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> is down by over 10% on the weekly chart, the global equities continue to hit new all-time highs. 
<figure id="attachment_205994" aria-describedby="caption-attachment-205994" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-205994" src="https://coingape.com/wp-content/uploads/2024/07/Bitcoin-Global-equities.jpg" alt="" width="620" height="349" srcset="https://coingape.com/wp-content/uploads/2024/07/Bitcoin-Global-equities.jpg 620w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-Global-equities-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/07/Bitcoin-Global-equities-150x84.jpg 150w" sizes="(max-width: 620px) 100vw, 620px">
 <figcaption id="caption-attachment-205994" class="wp-caption-text">
 Courtesy: Bloomberg
 </figcaption>
</figure> 
Meanwhile, MSCI Inc.’s gauge of global stocks is hovering near a record high, while the short-term 30-day correlation between Bitcoin and the index is plummeting. This raises the question of whether the risk aversion in the crypto market is an isolated event or a precursor to a cautious quarter for mainstream investments, following a robust first half for stocks. 
Also Read: <a href="https://coingape.com/trending/robert-kiyosaki-predicts-biggest-crash-in-bitcoin-and-other-assets-heres-all/" target="_blank" rel="noopener">Robert Kiyosaki Predicts Biggest Crash in Bitcoin and Other Asset</a> 
The post <a href="https://coingape.com/btc-price-slips-under-56000-as-mt-gox-wallet-transfers-2-7b-in-bitcoins/">BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins

Table of Contents

Coingape News Media

Other articles published on Jul 5, 2024

Bitcoin News Today: Bitcoin Price Crash BELOW 50K?

Just-In: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?

Cost-Effective Solutions for Mass Token Transfers

Memecoins Rebounding: dogwifhat (WIF) and Bonk (BONK) Prices Fighting Hard to Counter Bearish Trend

CryptoQuant CEO Analyzes Market Trends

Acala Token Integrates Web3 Finance

Join our free newsletter for daily crypto updates!