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-and-influences-market/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin and Influences Market</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 exchange Mt. Gox transferred 13,265 <a href="https://en.coin-turk.com/bitcoin-btc-price-update-can-bitcoin-sustain-its-strength-against-the-dollar/" data-wpel-link="internal">Bitcoin</a> worth $784 million to two unknown wallets. Meanwhile, bulls lost the crucial $60,000 BTC price support amid the decline.</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 Arkham Intelligence, Mt. Gox sent $709.44 million worth of BTC to the “1PuQB…nWhTb” wallet address and $74.77 million worth of BTC to the “1Jbez…LAPs6” address. These BTCs may also 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 the completed transfers, Mt. Gox still holds 46,164 BTC worth $2.74 billion, depending on the current BTC price. Past statements suggest that Mt. Gox could 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 weakened, and BTC has dropped by 2.32% to $59,600. Despite this, bulls are striving to keep BTC above $60,000, causing significant volatility as BTC has traded between $50,000 and $60,000.</p> 
<p style="text-align: justify">Developments continue among Bitcoin miners. 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 are buying amid the price drops.</p> 
<p style="text-align: justify">According to Santiment, a leading 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 loading="lazy" loading="lazy" 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">Additionally, for BTC to enter the next phase of its rally, it must maintain stability above the $60,000 resistance level. Currently, the market is focused on the Fed minutes expected to be released today at 9:00 PM. There is widespread speculation that the minutes will indicate a rate cut in September.</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-and-influences-market/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin and Influences Market</a></h5>
<p>The post <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-and-influences-market/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin and Influences Market</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Mt. Gox Transfers Bitcoin and Influences Market

Table of Contents

COINTURK NEWS

Other articles published on Aug 21, 2024

Floki Becomes Official Partner of Nottingham Forest for Premier League 2024/2025 Season

Franklin Templeton Unveils U.S. Money Fund on Arbitrum

Ethereum Sees Surge in On-Chain Activity as Institutional Investment Soars

Bitcoin is Exploding and Once Again Dominating the Crypto Market!

Analysts Exit TON, TRX; This Is the Time To Buy DIGI

Comparing Ripple (XRP), Rollblock (RBLK) and Notcoin (NOT): Which Crypto Will Maximize Your Gains?

Join our free newsletter for daily crypto updates!