Bitcoin Falls to 53800 as Altcoin Plummets Significantly After 1 Billion Transfer at Mt Gox

Coin Realm reports:
Original source: Niu Guoluo Yao
Amidst market turbulence, the cryptocurrency Fear and Greed Index has fallen to 29.


Data from TradingView indicates that the value of Bitcoin dropped to $57,000 on Thursday evening and further plummeted to a low of $53,800 in the early hours of Friday. Yesterday, $2.7 billion worth of Bitcoin was transferred from a Mt. Gox wallet to a new address, followed by a continuous retracement in Bitcoin’s price.


Data from Arkham reveals that on Thursday night, a wallet controlled by the now-defunct cryptocurrency exchange Mt. Gox moved 47,229 BTC (valued at approximately $2.7 billion) to a new hot wallet.
It is believed that the latest wallet activity is part of the Mt. Gox trustee’s plan, which will start distributing over $9 billion worth of Bitcoin, Bitcoin Cash, and fiat currency to creditors from July. The trustee publicly disclosed the repayment plan last month.
Bitcoin’s bearish momentum has intensified due to recent movements by Mt. Gox. In the past few weeks, pressure has increased due to Bitcoin transfers by the German and US governments.
CoinShares suggests that the repayment to Mt. Gox’s creditors could trigger a panic sell-off across the entire cryptocurrency market. In the worst-case scenario, if all BTC were sold off simultaneously, there could be a daily decline of 19%. However, this scenario is unlikely to occur.
As Bitcoin loses momentum, altcoins have also begun to fall. Data from CoinGecko shows that Ethereum has dropped below $3,000, with a 10% decline over the past day.
In the last 24 hours, Binance Coin (BNB) and Toncoin (TON) have plummeted by 12% and 13% respectively. Dogecoin (DOGE) and Cardano (ADA) have both significantly dropped by 15%. TRON (TRX) has fallen by 3.5%.
According to data from Alternative.me, the Fear and Greed Index has plummeted to 29, casting a shadow of panic over the cryptocurrency market.


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