Bitcoin

Arkham

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-influencing-market-dynamics/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin, Influencing Market Dynamics</a><br></p>
<p style="text-align: justify">On-chain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data reveals</a> reasons behind the recent cryptocurrency decline. The defunct Mt. Gox exchange transferred 13,265 <a href="https://en.coin-turk.com/bitcoin-price-shows-first-major-buying-signal-since-march-2019/" data-wpel-link="internal">Bitcoin</a> worth $784 million to two unknown wallets multiple times in the past few hours. Additionally, bulls lost the crucial $60,000 BTC price support amid the overnight declines.</p> 
<h2 style="text-align: justify" id="mt-gox-and-bitcoin-payments">Mt. Gox and Bitcoin Payments</h2> 
<p style="text-align: justify">A week after Mt. Gox transferred $2 billion worth of Bitcoin to the crypto exchange BitGo, another $784 million worth of BTC was moved to two unknown wallet addresses. According to data from Arkham Intelligence, Mt. Gox sent $709.44 million worth of BTC to the “1PuQB…nWhTb” wallet address and then $74.77 million worth of BTC to the “1Jbez…LAPs6” address. These BTCs might be moved to exchange addresses for repayment purposes.</p> 
<p style="text-align: justify">By the end of July, Mt. Gox had transferred 95,523 Bitcoin worth $6.14 billion to BitGo, Kraken, Bitstamp, and other crypto exchanges for repayment purposes.</p> 
<p style="text-align: justify">Despite these transfers, Mt. Gox still holds 46,164 BTC worth $2.74 billion, depending on the current BTC price. Past statements suggest that Mt. Gox might complete this repayment process by the end of the year.</p> 
<h2 style="text-align: justify" id="btc-price-decline">BTC Price Decline</h2> 
<p style="text-align: justify">These transfers are believed to have created fear and pressure in the market, triggering a decline. Bitcoin bulls have lost strength, with BTC falling by 2.32% to $59,600. Despite this, bulls are striving to keep the BTC price above $60,000, causing significant fluctuations as BTC has been trading between $50,000 and $60,000.</p> 
<p style="text-align: justify">Developments continue on the Bitcoin miners’ side. Miners are losing strength, but <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> still believe in a post-halving rally. Additionally, Bitcoin whales continue to buy amid the current price declines.</p> 
<p style="text-align: justify">According to data from Santiment, a major blockchain analysis firm, Bitcoin whale wallets holding between 100 and 1,000 BTC have purchased 100,000 BTC over the past six weeks.</p> 
<p style="text-align: justify"><img decoding="async" class="aligncenter size-full wp-image-381680" src="https://coin-turk.com/wp-content/uploads/2024/08/mt-gox-coin-turk-com.png" alt="" width="438" height="381"></p> 
<p style="text-align: justify">There are also comments suggesting that BTC needs to maintain above the $60,000 resistance level to initiate the next phase of the rally. Currently, the market is focused on the Fed minutes expected to be released today at 21:00. It is widely believed that the minutes will point to September and mention a rate cut.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-influencing-market-dynamics/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin, Influencing Market Dynamics</a></h5>
<p>The post <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-influencing-market-dynamics/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin, Influencing Market Dynamics</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Mt. Gox Transfers Bitcoin, Influencing Market Dynamics

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