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Bitcoin falls to $66K as Mt. Gox moves 47,500 BTC

Bitcoin falls to $66K as Mt. Gox moves 47,500 BTC

Cryptopolitan2024/07/23 14:37
By:By Ashish Kumar

Share link:In this post: Mt. Gox transfers over 47.5K BTC ($3.2 billion) to creditors. The Bitcoin price dropped from $68K to around $66K in apparent response to increased market selling pressure. Spot Bitcoin ETFs continue 12-day streak of positive net inflows.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified

Bitcoin (BTC) failed to hold the $68,000 mark on Tuesday as Mt. Gox initiated a heavy transaction to repay its creditors. BTC price slid to the lower levels of $66,000 as selling pressure increased in the market.

Also read: Grayscale prepares for spot Ethereum ETFs launch with $1 billion

In the latest move, the defunct crypto exchange Mt. Gox shifted more than 47.5K Bitcoin (approx worth $3.2 billion) to multiple crypto addresses.

According to Arkham, Mt. Gox transferred 42.6k BTC ($2.85 billion) to an address starting with 15yPU at 13:06 UTC+8. The next transaction made by the defunct crypto exchange’s cold wallet turned out to be 2,238 BTC ($149 million) to Bitstamp. It also moved 2,871 BTC ($191 million) to an unmarked address.

Mt. Gox still holds 90k Bitcoin

Mt. Gox has sent 5110 Bitcoin, worth approximately $340 million, to 4 separate Bitstamp addresses. Bitstamp is one of the 5 exchanges that Mt. Gox Trustee is working with in order to return funds to creditors.

It also sent 1598 BTC, worth approximately $106.3 million, to Bitstamp cold wallet starting with 3QTCJEY, while its wallet beginning with 3QVD5Hv received 2239 BTC, worth approximately $149.1 million.

Data shows that Mt. Gox still holds 90.3k Bitcoin, worth approximately $6.02 billion.

Source: Arkham

Bitcoin ETFs record $486M inflow as price slides below $67K

Bitcoin witnessed heavy selling pressure due to the repayments initiated by the defunct crypto exchange. BTC price dropped by almost 2% in the last 24 hours. This move has affected the crypto’s bullish run to reach $70K again. BTC trades at an average price of $66,422, as of press time. It is still up by 57% over a one-year period.

Also read: Bitwise will donate 10% of its spot Ether ETF profits to dev

Data provided by Coinglass depicts that around $3 million worth of long and short positions set on BTC’s price got liquidated in the last 24 hours. Over $2.43 million (80.99%) of the position liquidated turned out to be long bets, suggesting that the bulls were hoping for a positive run but Bitcoin failed to do so.

Spot Bitcoin ETFs maintained their net inflow streak, extending it to 12 consecutive days. ETFs cumulatively recorded a total net inflow of $486 million on July 22, 2024. BlackRock’s iShares Bitcoin Trust (IBIT) registered a single-day net inflow of $526.7 million while Fidelity ETF FBTC saw a net inflow of $23.72 million.

The day before, iShares Bitcoin Trust recorded an inflow of $526.7 million. It was recorded to be the highest single-day tally since March. BlackRock’s IBIT alone has seen an inflow of $19.5 billion since its inception.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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