2024

Jerome Powell

Wednesday

Bitcoin

Arkham

<p>Defunct Japanese crypto exchange Mt. Gox is once again moving its BTC by transferring 13,265 Bitcoins worth a staggering $784 million to two unknown wallets earlier today. On the other hand, the Bitcoin bulls have been showing weakness with the BTC price losing the crucial $60,000 support level.</p> 
<h2 id="mt-gox-bitcoin-repayment-continues">Mt. Gox Bitcoin Repayment Continues</h2> 
<p>A week after the crypto exchange Mt. Gox moved $2 billion worth of Bitcoins to the <a href="https://coingape.com/mt-gox-bitcoin-address-transfers-33k-btc-in-latest-repayments/" target="_blank" rel="noopener">crypto exchange BitGo</a>, it has moved another $784 million worth of BTC to two unknown wallets. Data from <a rel="nofollow" href="https://platform.arkhamintelligence.com/explorer/tx/20548196d6169a8d9999a83ba42b5a749f2d80d23a536888f2017c26a3ee9aa4" target="_blank">Arkham Intelligence</a> shows that the defunct exchange transferred $709.44 million worth of BTC to wallet address “1PuQB…nWhTb” and another $74.77 million of BTC to address “1Jbez…LAPs6”. These BTC can further move to exchange addresses for repayment purposes.</p> 
<p>Update: As per the latest update from Akham, Mt. Gox has moved 1264.71596471 BTC worth $75.36 million to the crypto exchange Bitstamp.</p> 
<p>During the last month of July, the defunct exchange transferred 95,523 Bitcoins worth a staggering $6.14 billion to crypto exchanges such as BitGo, Kraken, Bitstamp, and others for repayment. Despite the current transfers Mt. Gox still continues to hold 46,164 BTC worth $2.74 billion as of the current BTC price. As per the previous reports, the Japanese exchange is likely to complete the repayment process by the end of this year.</p> 
<h2 id="btc-faces-rejection-at-60-000">BTC Faces Rejection at $60,000</h2> 
<p>Bitcoin bulls continue to struggle to hold the BTC price above $60,000 with another 2.5% drop to $59,323. Over the last month, the <a href="https://coingape.com/markets/bitcoin-price-analysis-heres-when-btc-could-reach-70000-again/" target="_blank" rel="noopener">Bitcoin price</a> has been trading in the $50,000-$60,000 range.</p> 
<p>With the Bitcoin miner capitulation almost ending, investors are hoping for a&nbsp;<span style="box-sizing: border-box; margin: 0px; padding: 0px;">post<a href="https://coingape.com/bitcoin-price-to-mirror-post-halving-rally-heres-why/" target="_blank" rel="noopener"> BTC-halving</a></span><a href="https://coingape.com/bitcoin-price-to-mirror-post-halving-rally-heres-why/" target="_blank" rel="noopener">&nbsp;rally</a> moving ahead. On the other hand, the Bitcoin whales have continued accumulation throughout the current price dips.</p> 
<p>Blockchain analytics firm Santiment reported that Bitcoin whale wallets holding anywhere between 100 and 1,000 BTC have accumulated nearly 100,000 coins over the past six weeks.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin’s whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. <a rel="nofollow" href="https://t.co/hrhlVrNqNU">pic.twitter.com/hrhlVrNqNU</a></p> 
 <p>— Santiment (@santimentfeed) <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1825551289230794963?ref_src=twsrc%5Etfw">August 19, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>However, for BTC to trigger the next phase of the rally, it must hold above the resistance of $60,000. All eyes will be on the FOMC meeting scheduled on Wednesday and the Jerome Powell speech following it. Market analysts have been eagerly awaiting the hints on the <a href="https://coingape.com/us-fed-rate-cut-will-be-major-policy-mistake-peter-schiff-warns/" target="_blank" rel="noopener">Fed rate cuts</a> likely to begin in September.</p> 
<p>The post <a href="https://coingape.com/mt-gox-moves-13265-bitcoins-btc-loses-60k-support/">Mt. Gox Transfers 13,265 Bitcoins, BTC Loses $60K Support</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Mt. Gox Transfers 13,265 Bitcoins, BTC Loses $60K Support

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