As per the latest on-chain development, the crypto exchange Mt. Gox has once again moved a massive 13,265 Bitcoins worth a staggering $784 million to two unknown wallets in the last few hours. Simultaneously, the bulls have lost the crucial BTC price support of $60,000 in the past few hours.
Mt. Gox Bitcoin Repayment Continues
A week after the crypto exchange Mt. Gox moved $2 billion worth of Bitcoins to the crypto exchange BitGo, it has moved another $784 million worth of BTC to two unknown wallets. Data from Arkham Intelligence shows that the defunct exchange transferred $709.44 million worth of BTC to wallet address “1PuQB…nWhTb” and another $74.77 million of BTC to address “1Jbez…LAPs6”. These BTC can further move to exchange addresses for repayment purposes.
During the last month of July, the defunct exchange transferred 95,523 Bitcoins worth a staggering $6.14 billion to crypto exchanges such as BitGo, Kraken, Bitstamp, and others for repayment. Despite the current transfers Mt. Gox still continues to hold 46,164 BTC worth $2.74 billion as of the current BTC price. As per the previous reports, the Japanese exchange is likely to complete the repayment process by the end of this year.
BTC Faces Rejection at $60,000
Bitcoin bulls continue to struggle to hold the BTC price above $60,000 with another 2.5% drop to $59,323. Over the last month, the Bitcoin price has been trading in the $50,000-$60,000 range.
With the Bitcoin miner capitulation almost ending, investors are hoping for a post BTC-halving rally moving ahead. On the other hand, the Bitcoin whales have continued accumulation throughout the current price dips.
Blockchain analytics firm Santiment reported that Bitcoin whale wallets holding anywhere between 100 and 1,000 BTC have accumulated nearly 100,000 coins over the past six weeks.
🐳 Bitcoin’s whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU
— Santiment (@santimentfeed) August 19, 2024
However, for BTC to trigger the next phase of the rally, it must hold above the resistance of $60,000. All eyes will be on the FOMC meeting scheduled on Wednesday and the Jerome Powell speech following it. Market analysts have been eagerly awaiting the hints on the Fed rate cuts likely to begin in September.
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Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
