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BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins

Bitcoin price has tanked all the way to $55,000 as Mt. Gox moves 44,700 Bitcoin in the last two hours. The 24-hour Bitcoin liquidations have crossed $200 million.
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BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins

Highlights

  • Mt. Gox wallets, which recently moved 47,229 BTC worth $2.7 billion.
  • Bitcoin investors are anxious about how Mt Gox creditors will handle their newly received Bitcoins
  • Bitcoin liquidations have surged to nearly $200 million in the last 24 hours.

Massive selling pressure in Bitcoin persists as the BTC price has crashed another 5.5% in the last 24 hours with its price slipping under $56,000. The recent selling pressure comes as Mt. Gox wallets have become active again and started moving Bitcoins.

Mt. Gox Wallets Move $2.7 Billion Worth of Bitcoins

As per the recent data from Arkham Intelligence, crypto exchange Mt. Gox transferred 47,229 BTC, worth a staggering $2.7 billion, to a new wallet address “1L7XbxQ” two hours ago. However, the transfer raises questions regarding the exchange’s intentions as similar transfers happened to new wallets earlier in May.

However, after the May transfers, Mt. Gox officially declared that it plans to repay the creditors in early July. As we are finally in July, Bitcoin investors have turned jittery anticipating what the Mt. Gox creditors do with their Bitcoins once they receive them. Interestingly, the Arkham data shows that 2,702 Bitcoin have moved back to a cold wallet belonging to Mt. Gox.

Courtesy: Arkham Intelligence

The recent news around the Mt. Gox repayment and the sell-off by the German government has led to the Bitcoin price volatility with bears gaining the upper hand. PlnaB, the author of the stock-to-flow model noted:

“Yes yes, German government is selling 50,000 btc (10,000 already sold), and Mt.Gox is giving 142,000 btc back to investors (some may sell) … however I see nothing in the data that indicates structural weakness in bitcoin markets”.

Also Read: Tron’s Justin Sun Ready to Negotiate With German Govt. on Bitcoin Sales

BTC Liquidations Spike

As per data from Coinglass, the Bitcoin liquidations in the last 24 hours have reached close to $200 million. As per the options market data, Bitcoin’s major short-term implied volatilities are up 10%, with the DVol (realized volatility) up 3%.

As a result, Bitcoin’s positive correlation with the global stock markets has tanked further. While the Bitcoin price is down by over 10% on the weekly chart, the global equities continue to hit new all-time highs.

Courtesy: Bloomberg

Meanwhile, MSCI Inc.’s gauge of global stocks is hovering near a record high, while the short-term 30-day correlation between Bitcoin and the index is plummeting. This raises the question of whether the risk aversion in the crypto market is an isolated event or a precursor to a cautious quarter for mainstream investments, following a robust first half for stocks.

Also Read: Robert Kiyosaki Predicts Biggest Crash in Bitcoin and Other Asset

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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