2024-07-16 22:11:38
Investing.com – After the German government halted sales last week, there was some relief in the Bitcoin market. During weekend trading, Bitcoin appreciated positive developments and reached the $65,000 mark. However, another selling pressure remains a theme in the cryptocurrency market.
According to blockchain data, it appears that Mt. Gox, which announced last month that it would begin refunding users, is now acting. Lookonchain data revealed that the bankruptcy committee of Mt. Gox to transfer Bitcoin assets to creditors.
Bitcoin under new pressure
With Bitcoin transfers from Mt. Gox, the cryptocurrency started the week in the $65,000 range, but went back to the $62,000 region during Asian trading hours.
According to data from Arkham, the transfers began after a low-volume transaction was made from a BTC wallet identified as belonging to Mt. Gox. Today, moved Mt. Gox about 44,527 BTC, worth about $2.84 billion.
The move fueled market concerns and, along with Bitcoin, several high market capitalization cryptocurrencies recorded a fall of around 4% from the day’s peak levels. The market appears to have priced in the possibility of mass sales by creditors following the sizeable move.
Kraken confirms Bitcoin was found from Mt. Gox, announces payment dates
US cryptocurrency platform Kraken confirmed today that it has received the Bitcoin transfer from Mt.Gox. According to the exchange’s announcement, Bitcoins will be transferred to creditors within 7 to 14 days.
After this announcement, there was a partial recovery in Bitcoin, which rose slightly to around 63,700 dollars. As a result, pressure from Mt.Gox will likely continue to affect the cryptocurrency market throughout July. The future direction of Bitcoin can be determined if potential sales exceed the daily transaction volume.
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