CoinDesk Reports:
Early this morning, the Mt. Gox exchange transferred 47,228 BTC (worth up to $2.7 billion) from a cold wallet to an address starting with (1L7Xb…). Simultaneously, Bitcoin dipped to as low as $56,680.
On Thursday, the trustee overseeing Mt. Gox’s Bitcoin holdings moved approximately 47,228.73 BTC to an undisclosed address, valued at about $2.7 billion. This transfer brings Mt. Gox’s total holdings to around 141,687 BTC, worth nearly $8.1 billion. The significant transaction followed several test transfers earlier on July 4th. Distribution to creditors is expected to commence in July, though the exact date remains unspecified. In terms of total holdings, this new wallet now ranks 19th globally among BTC wallets.
Bitcoin Markets See Continued Decline
Bitcoin markets have been on a persistent decline recently, attributed to several factors including the German government’s sales, Mt. Gox repayments, and slowing inflows into spot ETFs. Around 8:30 AM, Arkham tracking data indicated Mt. Gox moved 47,228 BTC (about $2.7 billion) from a cold wallet to an address beginning with (1L7Xb…), likely in preparation for repayments.
As a result, Bitcoin dropped to as low as $56,680 at the same time, nearing the previous low of $56,552 set on May 1st. At the time of writing, Bitcoin rebounded to $57,298, marking a 4.89% decrease over the past 24 hours.
Ethereum Dips Below $3,050
Ethereum briefly fell below $3,050, showing more volatility than Bitcoin. It touched a low around $3,039 earlier, rebounding to $3,089 at the time of writing, a 5.43% decline over 24 hours.
$510 Million Liquidated Across Crypto Markets in Last 24 Hours
Amid Bitcoin’s turbulent trading, Coinglass data reveals over $510 million in crypto assets were liquidated globally in the past 24 hours, doubling yesterday’s figure, with more than 188,000 people facing liquidation.
Next Support Levels for Bitcoin
Where will Bitcoin find its next support amid the ongoing decline? Crypto analyst Dom’s Crypto noted on X last night that the key support at the 200 MA ($58,484) has been breached, with the next support expected around $56,700.
Another analyst, Tuna KAYA, suggests Bitcoin’s support lies at $56,500. Failure to hold this level could lead Bitcoin to test between $50,000 and $52,000.
German Government Continues Bitcoin Sales
Arkham blockchain intelligence reports that the German government continues to sell seized Bitcoin, with the latest sale on July 4th amounting to $175 million in BTC.
In light of ongoing Bitcoin sales by the German government and the anticipated distribution of Mt. Gox Bitcoin this month, Bitcoin prices remain under pressure. BTC has dropped 4% in the past day and over 6% in the past week, falling below $57,000 on Monday. Arkham Intelligence notes dust transfers or test transfers occurring in Mt. Gox wallets. While the trustee has stated distributions will begin in July, no specific date has been provided.
Regarding the German government’s Bitcoin sales and Sun Yuchen’s proposal to purchase remaining BTC off-exchange, what are your thoughts?
