Bitcoin Cash

Bitcoin

<ul>
 <li><strong>Kraken has completed the distribution of BTC and Bitcoin Cash to Mt. Gox creditors after 10 years.</strong></li>
 <li><strong>The distribution of $2.85 billion in BTC has led to a significant price drop, with Bitcoin falling nearly 3% from $67,359 to $65,484.</strong></li>
</ul>
<p>In a significant update for the cryptocurrency community, Kraken announced the successful distribution of Bitcoin (BTC) and Bitcoin Cash (BCH) to creditors affected by the Mt. Gox hack nearly a decade ago. The now-defunct exchange’s long-awaited fund recovery process has been facilitated by Kraken, alongside Bitstamp and other partners.</p>
<p>On Tuesday morning, Mt. Gox trustees <a href="https://thenewscrypto.com/defunct-crypto-exchange-mt-gox-transfers-47500-bitcoin-worth-3-2b/" target="_blank" rel="noopener noreferrer nofollow">began transferring</a> $2.91 billion worth of BTC to new wallets, primarily to distribute 5,110 BTC, valued at approximately $340.1 million, to four separate Bitstamp addresses. However, the exact amount returned by Kraken to Mt. Gox customers is still unclear.&nbsp;</p>
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<p>The Mt. Gox Trustee has been working with several exchanges, including Kraken and Bitstamp, to ensure a fair return of funds to affected users. Despite this distribution, Mt. Gox still <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener noreferrer nofollow">holds</a> a substantial 95,340 BTC, valued at approximately $5.96 billion.</p>
<p>Following the release, Bitcoin saw a price correction of approximately 3%, currently trading around $65,855. This recent dip follows a high of $68,474 <a href="https://thenewscrypto.com/is-bitcoin-btc-on-the-verge-of-a-70k-milestone/" target="_blank" rel="noopener noreferrer nofollow">recorded</a> on July 22, after Bitcoin broke through the $65,000 resistance level. Additionally, the daily trading volume of BTC declined by over 23%, now standing at $33 billion. This market reaction was evident as users confirmed the deposits in their wallets.</p>
<h3 class="wp-block-heading" id="h-bitcoin-price-trends-and-key-levels-to-watch">Bitcoin Price Trends and Key Levels to Watch</h3>
<p>On-chain data analysts, CryptoQuant have observed that the price decline has impacted short-term BTC holders, emphasizing the need to monitor crucial support levels, particularly around $63,600. Despite the recent drop, Bitcoin has managed to maintain its position above the $65,500 level, trading at $65,855 with a market capitalization of $1.29 trillion.</p>
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<p>&nbsp;</p>
<p><a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Technical indicators</a> suggest a potential recovery for Bitcoin. The cryptocurrency remains above its 50 and 100-day moving averages, and there is a potential double-bottom pattern forming with bullish divergence in the relative strength index (RSI). If key support at $66,500 holds, Bitcoin could see a rebound towards $68,850.</p>
<p>Support levels are currently observed between $64,350 and $63,757, with critical levels to watch including $61,751 and the 200-day moving average above the $60,000 mark. Despite recent volatility, Bitcoin’s long-term outlook remains positive, bolstered by its performance above major moving averages.</p>

How Mt. Gox Payouts on Kraken and Bitstamp Influenced Bitcoin Price?

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