Mt. Gox’s Bitcoin transfers come as part of its ongoing repayment plans with the exchange still holding over 46,000 BTC worth $2.74 billion.
As per the latest on-chain development, the crypto exchange Mt. Gox has once again moved a massive 13,265 Bitcoins worth a staggering $784 million to two unknown wallets in the last few hours. Simultaneously, the bulls have lost the crucial BTC price support of $60,000 in the past few hours.
Mt. Gox Bitcoin Repayment Continues
A week after the crypto exchange Mt. Gox moved $2 billion worth of Bitcoins to the crypto exchange BitGo, it has moved another $784 million worth of BTC to two unknown wallets. Data from Arkham Intelligence 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.
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.
BTC Faces Rejection at $60,000
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 Bitcoin price has been trading in the $50,000-$60,000 range.
With the Bitcoin miner capitulation almost ending, investors are hoping for a post BTC-halving rally moving ahead. On the other hand, the Bitcoin whales have continued accumulation throughout the current price dips.
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.
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 Fed rate cuts likely to begin in September.
To read article in Arabic, please visit the website Crypto Mena
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properl
