Bitcoin

Arkham

The ongoing <a href="https://news.todayq.com/bitcoin-whales-buy-the-dip-add-1-34-billion-btc/" rel="noopener noreferrer nofollow">bullish market </a>sentiment in cryptocurrencies, where prices were experiencing an upward movement, suddenly turned bearish after Mt. Gox transferred a massive amount of Bitcoin. Recently, it was observed that Mt. Gox’s cold wallet transferred 42,830 Bitcoin worth $2.9 billion to an unknown wallet address, 1JbezD, according to data from Arkham Intelligence. The reason why the Bitcoin price fall 
Following this massive Bitcoin transfer, the overall cryptocurrency market fell, and Bitcoin experienced a significant drop of over 3%. This transfer was executed through multiple transactions during the morning hours (11:00 AM) of the Hong Kong trading session. This massive transfer might be a plan by creditors to ensure repayment by October 31, 2024.
One noteworthy aspect of this event is that it marks the first time in the last five years that Mt. Gox has moved its Bitcoin holdings. Despite this significant transfer, Mt. Gox still holds a substantial $9.42 billion worth of Bitcoin, as identified by the on-chain analytics firmArkham. 
Although the initial data indicating Mt. Gox’s movement of $2.9 billion in Bitcoin caused an immediate market reaction and a significant price drop, the market is now recovering. Currently, Bitcoin is trading near $67,860, experiencing only a 1% downside momentum despite the massive transfer. Bitcoin price-performance analysis&nbsp; 
Looking at Bitcoin’s performance over a longer period, it has seen a price decline of nearly 5% in the last seven days. However, over the past 30 days, Bitcoin has experienced a decent price surge of 6.5%. In addition to price performance, the 24-hour trading volume has increased by 60%, now standing at $29.4 billion. This significant surge in trading volume highlights the shifts in investor and trader sentiment.
According to expert technical analysis, Bitcoin appears bearish and may take support from the $67,000 level before potentially moving upward to targets of $71,500 and $73,900.
Mt. Gox, a Japan-based cryptocurrency exchange launched in 2014, gained massive popularity during its early days. It held 70% of total Bitcoin trades in 2013, becoming the largest Bitcoin exchange that year. However, in 2014, it collapsed due to the loss of a massive 800,000 Bitcoins.

This might be the reason behind next crypto sell-off

Todayq News

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