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Bitcoin Slumps Below $54K as Mt. Gox Moves $2.6B in BTC

BTC slides to lowest since late February, breaching key price support.

By Omkar Godbole|Edited by Shaurya Malwa
Updated Jul 5, 2024, 7:48 a.m. Published Jul 5, 2024, 4:32 a.m.
Mt. Gox's wallet activity. (Arkham Intelligence)
Mt. Gox's wallet activity. (Arkham Intelligence)
  • BTC slides to its lowest level since late February, breaching key price support.
  • Early Friday, defunct exchange Mt. Gox moved 47,228 to a new address from cold storage.

Bitcoin's BTC$92,471.33 slid for a fourth day as defunct exchange Mt. Gox moved sizeable BTC to a new wallet, potentially preparing for creditor repayments.

The leading cryptocurrency by market value fell over 4% to $53,600, the lowest since Feb. 26, according to charting platform TradingView and CoinDesk data.

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At 00:27 UTC, Mt. Gox transferred 47,228 BTC ($2.6 billion) from cold storage to a new wallet, according to blockchain analytics firm Arkham Intelligence. The exchange is slated to start distributing assets stolen from clients in a 2014 hack.

The impending repayments, which include 140,000 BTC ($7.73 billion), 143,000 BCH, and the Japanese yen, were announced last month. Since then, traders have been worried that creditors who have patiently waited for reimbursements for a decade will immediately sell upon receiving coins, creating mass selling pressure in the market. Note that BTC was trading at roughly $600 when the exchange was hacked in 2014, and today, it is worth over $55,000.

Several analysts have recently tried to calm nerves by saying the potential selling pressure from reimbursements would be limited, but to no avail. BTC has declined 10% in seven days and 22% in four weeks.

The intense sell-off has flipped the horizontal support of $56,500 stemming from May lows into resistance. Besides, the bears have established a foothold below the crucial 200-day SMA and the bull market trendline.

BTC's daily chart. (TradingView/CoinDesk)
BTC's daily chart. (TradingView/CoinDesk)
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