Around 600 BTC were moved from an Mt.Gox wallet raising fears of 150,000 Bitcoin dump

According to Whale Alert on Twitter, an Mt.Gox cold wallet just sent 600 BTC to another wallet. Although this particular transaction is not that big, it has raised concerns that Mt.Gox might be distributing the 150,000 BTC left already.

After years of legal battles, Mt.Gox trustees appointed by the Tokyo District Court will distribute around 150,000 BTC among its creditors. December 15, was the deadline for the rehabilitation process, which means the Trustee must have already provided a clear plan. 

Bitcoin price dives by 2% but recovers quickly

In the past 24 hours, Bitcoin has dropped from a high of $24,100 to a low of $22,600. However, this movement is attributed to XRP which lost more than 50% of its value in the past 48 hours, dragging the market with it. 

BTC/USD 4-hour chart

It’s still unknown if the address is truly coming from an Mt.Gox wallet, but investors are concerned. It’s also important to note that the market, and especially Bitcoin, are ready for a correction after a massive rally. 

If the bulls can defend the 50-SMA on the 4-hour chart, Bitcoin price can rebound towards the last high of $24,100 and then target a new all-time high as there is still very little resistance to the upside.

Sourse: fxstreet.com

Start mining bitcoin now

Start trading bitcoin now

Category: Analytics | Views: 54 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoin markets #BTC | Rating: 5.0/1
Total comments: 0
Name *:
Email *:
Code *:
Buying the Bitcoin Dip: MicroStrategy Scoops $10M Worth of BTC Following $7K Daily Crash (0)
MicroStrategy buys the Bitcoin dip worth $10 million (0)
Bitcoin is unlikely to replace gold as a risk diversifier – DBS Bank (0)
Demand for Bitcoin Miners Pressures Chip Makers Amid Global Shortage (0)
OKCoin to Integrate Bitcoin’s Lightning Network in Q1 (0)
Bitcoin's biggest mining pool may be behind the BTC price drop, but buyers stepped in (0)
Grayscale Acquires $1,276,147,151 in Bitcoin in Single Week (0)
Hive Blockchain Buys 6,400 Bitcoin Miners From Canaan, Capacity Reaches 1,229 PH/s (0)
Biden names new SEC and CFTC administration – curse or blessing for Bitcoin? (0)
Learn the basics of Bitcoin with some help from a pro (0)