Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Mt. Gox moved over $3 billion in Bitcoin.</li> 
 <li>BTC’s price remains above $66,000, suggesting creditors’ commitment to holding.</li> 
</ul> 
Mt. Gox crypto exchange just moved 47,229 Bitcoin worth over $3 billion to three unknown wallets, according to the latest reports. 
Lookonchain notes that the fund move took place over a three-hour period, and during this time, the price of Bitcoin remained above $66,000, following a brief drop to the $65,000 range. 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/lookonchain/status/1818469315383030050/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GTx_ryFbwAIrTPB?format=jpg&amp;name=large" alt="Lookonchain via X" width="1846" height="457" title="Bitcoin Price Above $66K, Following Mt. Gox $3B Move 53"></a>
 <figcaption class="wp-caption-text">
 Lookonchain via X
 </figcaption>
</figure> 
<h2 id="mt-gox-fud-no-longer-an-issue">Mt. Gox FUD, No Longer an Issue</h2> 
The fact that Bitcoin’s price continues to remain above the $66,000 level, suggests that traders may have finally grown tired of the Mt. Gox Bitcoin-related FUD, considering that the market barely reacted to the funds’ move. 
There are no signs of increased sell pressure, which suggests that creditors are likely holding on to their coins. 
Collective Shift founder Ben Simpson said that if we think about the users who were owed Bitcoin from the direct Mt. Gox exchange were OG Bitcoiners, these were people who bought BTC ten years ago, who believed in the industry and the digital asset. He added that they are here to HODL. 
Simpson also explained that the market has already priced in the fact that some credits would get their assets back and most likely won’t sell. 
He also mentioned recent events such as the German Government selling all their BTC, as they don’t need BTC, but cash. 
The Mt. Gox moves became so usual that the market does not budge anymore. So far, over 41.5% or 59,000 BTC of the total of 141,686 BTC has been redistributed to <a href="https://crypto.ro/en/news/mt-gox-creditor-repayments-at-40-following-todays-2-5b-in-bitcoin-transfer/">creditors of Mt. Gox</a> since July 5. 
Also, the Glassnode crypto analysis firm, believes that only a small portion of these credits are likely to sell their coins. 
The firm said that creditors opted to receive BTC rather than fiat, which was something new in the Japanese bankruptcy lay. This reportedly means that only a subset of the distributed tokens will be truly sold onto the market. 
At the moment of writing this article, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> is still trading above $66,000. 
<figure id="attachment_47130" aria-describedby="caption-attachment-47130" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-22.jpeg"><img loading="lazy" decoding="async" class="wp-image-47130 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-22.jpeg" alt="BTC price" width="1200" height="800" title="Bitcoin Price Above $66K, Following Mt. Gox $3B Move 54"></a>
 <figcaption id="caption-attachment-47130" class="wp-caption-text">
 BTC price
 </figcaption>
</figure> 
<h2 id="increased-exchange-bitcoin-withdrawal">Increased Exchange Bitcoin Withdrawal</h2> 
Also, according to CryptoQuant, Bitcoin is seeing increased withdrawals from exchanges. 
In a<a href="https://x.com/cryptoquant_com/status/1818565045862740221" rel="nofollow" target="_blank"> post</a> on X, CryptoQuant highlights the increase in Bitcoin outflow which can be a positive sign regarding the possibility of a price increase and break-up of the fluctuation area in the future. 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/cryptoquant_com/status/1818565045862740221/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GTzXNC-W0AEoFyz?format=jpg&amp;name=large" alt="CryptoQuant via X" width="1712" height="960" title="Bitcoin Price Above $66K, Following Mt. Gox $3B Move 55"></a>
 <figcaption class="wp-caption-text">
 CryptoQuant via X
 </figcaption>
</figure> 
Also, Santiment market intelligence platform<a href="https://x.com/santimentfeed/status/1818551023042285995" rel="nofollow" target="_blank"> noted</a> that as Bitcoin ranges just north of $66,000, traders should take note of the rising level of unique tokens being transferred between wallets. 
According to the platform, 244,000 BTC circulating in a single day was the most since March 5. 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/santimentfeed/status/1818551023042285995/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GTzJue0boAAAc7U?format=jpg&amp;name=4096x4096" alt="Santiment via X" width="2614" height="1746" title="Bitcoin Price Above $66K, Following Mt. Gox $3B Move 56"></a>
 <figcaption class="wp-caption-text">
 Santiment via X
 </figcaption>
</figure> 
The utility is reportedly gradually returning back to levels last seen during the Q1 2024 bull run.

Bitcoin Price Above $66K, Following Mt. Gox $3B Move

Table of Contents

crypto.ro global

Other articles published on Jul 31, 2024

Bright Horizons Ahead: Bitcoin And Mining Industry Poised For Success — Study

XRP Surge: Best Month of the Year with 8% Daily Gain

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

Bitcoiners tip ‘September breakout’ but cast doubt on near-term $100K

Bitcoin Maximalist Feud: Morgan vs. Keiser Over Trump’s Crypto Stance

PEPE, WIF, and POPCAT Set for Significant Moves, According to Crypto Analyst

Join our free newsletter for daily crypto updates!