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Mt Gox makes new movement of 2,500 Bitcoins
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The cryptocurrency market remains in anticipation, despite the price of Bitcoin (BTC) registering a strong increase this Tuesday (12). Expectations increased after Mt Gox exchange transferred 2,570 BTC between its wallets.
The transfer sparked discussions among investors about how this could hinder BTC’s rise. However, the price remains up 6.7%, despite having reduced part of its gains throughout the morning.
According to a recent report from Arkham Intelligence, Mt. Gox moved 2,570 BTC, valued at around $228.48 million. The transfer was made to a wallet “1PQZw…DDJtK”, generating discussions about how this could impact the rise in the price of Bitcoin.
Additionally, the now-defunct cryptocurrency exchange also moved 32,300 BTC to two separate wallets recently.
MT Gox transfers 2,500 Bitcoins
These moves have not affected the price of BTC, which is still trending, indicating that investors are praising the recent positive market trends in response to these short-term concerns.
However, if a sell-off of these BTC occurs, it could significantly impact the cryptocurrency’s performance in the coming days. Mt. Gox’s distribution of funds to its creditors previously weighed on investor sentiment.
A wave of traders fear the move could trigger selling pressure on the cryptocurrency if creditors decide to liquidate their holdings. But most of Mt Gox’s creditors appear willing to hold onto its cryptocurrencies for the long term.
Amid the recent Mt. Gox transfer, many experts have warned of a possible drop in the price of Bitcoin ahead. The price reached a new all-time high at US$89,502.06 this Tuesday, but gave back part of the gains.
Even so, there are no signs that the price is likely to undergo a strong correction. BTC trading volume continues to rise and reached US$136 billion, an increase of 77% in 24 hours. Additionally, BTC futures open interest (OI) rose 11%, reflecting strong market confidence in the cryptocurrency.
Notably, in a recent report, QCP Capital warns of potential pullbacks due to elevated perpetual financing rates and high 7-month base yields. Despite the structural rally, leveraged losses could trigger corrections, the report noted.
Mt Gox makes new movement of 2,500 Bitcoins
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Mt Gox makes new movement of 2,500 Bitcoins
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Mt Gox makes new movement of 2,500 Bitcoins
