Bitcoin

Million

Spot

View

<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-may-drop-to-54000-as-mt-gox-moves-860-mln-in-btc/">Bitcoin May Drop to $54,000 as Mt. Gox Moves $860 mln in BTC</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>On August 21, 2024, the defunct and oldest crypto exchange, Mt. Gox, moved a significant over 14,530 Bitcoin (BTC) worth $860 million in the last 24 hours, as the on-chain analytic firm Spotonchain reported. Following these transactions, the overall cryptocurrency market experienced massive selling pressure.</p> 
<h2 class="wp-block-heading" id="h-mt-gox-860-million-btc-transfer"><strong>Mt. Gox $860 Million BTC Transfer</strong></h2> 
<p>With the recent transfer, Mt. Gox now holds a massive 32,898 BTC worth $1.95 billion across 28 wallets.&nbsp;</p> 
<p>Since July 5, 2024, Mt. Gox. has transferred a substantial 107,958 BTC worth $6.81 billion to various centralized exchanges including Bitstamp, SBIVC, Kraken, OKX, and Binance for creditor repayment. However, these billions worth of Bitcoin are still in the hands of these exchanges as creditor repayment has yet to begin.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Mt. Gox just deposited 1,265 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($75M) to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw">#Bitstamp</a> 30 minutes ago.<br><br>Since July 5, 2024, Mt. Gox has transferred out a total of 107,958 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($6.81B), including:<br><br>• 62,935 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($4.12B) to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw">#Bitstamp</a>, <a href="https://twitter.com/hashtag/SBIVC?src=hash&amp;ref_src=twsrc%5Etfw">#SBIVC</a>, <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a>, <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw">#OKX</a>, and <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> for creditor repayments;<br><br>• 45,023… <a href="https://t.co/9GfFELGNlA">pic.twitter.com/9GfFELGNlA</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1826189407776628870?ref_src=twsrc%5Etfw">August 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h3 class="wp-block-heading" id="h-expert-comments-for-mt-gox-s-creditors"><strong>Expert Comments for Mt. Gox’s Creditors</strong></h3> 
<p>However, concerns remain about what will happen once these creditors receive their BTC and potentially start selling it off. Over this concern, Maria Carola, the CEO of StealthEX a cryptocurrency exchange, made a statement that creditors are opting to hold their currencies due to the potential of BTC and its rapid evolution and significant adoption.&nbsp;</p> 
<p>Despite this significant transfer, BTC is trading near $59,720 and has experienced a price surge of over 1.5% in the last 24 hours. Meanwhile, its trading volume has dropped by 18% during the same period, indicating reduced participation from traders.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-key-levels"><strong>Bitcoin Technical Analysis and Key Levels</strong></h2> 
<p>According to expert technical analysis, <a href="https://coinpedia.org/news/top-analyst-says-bitcoin-avoided-major-breakdown-despite-liquidations-outlines-path-to-50k/">Bitcoin</a> (BTC) looks bearish as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it has been consolidating within a small range for the last 14 days.</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26.png"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26-1024x449.png" alt="" class="wp-image-341200" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/21221049/BTCUSDT_2024-08-21_22-10-26.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure> 
<p>If BTC breaks down this consolidation zone and the daily candle closes below the $57,880 level, there is a high possibility it could fall to the $54,000 level or even more.&nbsp;</p> 
<p>As of now, market sentiment is extremely bearish. In addition to the Mt. Gox, gold has also reached its all-time high, which potentially creates a fear in the cryptocurrency landscape.</p>

Bitcoin May Drop to $54,000 as Mt. Gox Moves $860 mln in BTC

Table of Contents

CoinPedia News

Other articles published on Aug 21, 2024

Ethereum Whale Executes Significant Sales Amid Price Surge

TRX Gains Momentum as Tron Leads Crypto Revenue Rankings

ACX Token Surges 14% as Coinbase Announces New Listing

Former TON Foundation Leaders Introduce $40M Fund TON Blockchain Growth

Immediate Rise Review 2024: Scam or Legit Trading Platform? – Must Read!

Marathon Digital Acquires $249M in Bitcoin Following $300M Senior Note Offering

Join our free newsletter for daily crypto updates!