Price: $55,191
1-Day Change: -6.60%
7-Day Change: -10.73%
, the leading cryptocurrency, saw a sharp decline to $55,200 following a substantial transaction by Mt. Gox, a historically troubled Japanese crypto exchange. Mt. Gox transferred 47,229 BTC — worth approximately $2.71 billion — from cold storage to a new wallet address. This move marks the exchange’s first major transaction since May and is part of its plan to start repaying creditors, with a total of $8.5 billion in Bitcoin scheduled for repayment.
According to blockchain analytics by Arkham Intelligence, analysts and market commentators have expressed concerns about the potential impact of such large Bitcoin transfers on the market. While fears of a significant sell-off loom, some analysts suggest that the actual amount that could hit the market might be closer to $4.5 billion, alleviating immediate market pressure.
