On May 28, on-chain analysts observed that Mt. Gox distributions appeared to be underway. Around 42,900 BTC worth around $2.9 billion was being moved at the time though there could be as much as $6 billion worth.that the Mt. Gox event is going to be “a fantastic case study for why on-chain data works so well for Bitcoin.”A couple of hours later, LookOnChain reported that Mt. Gox still holds 95,061 BTC worth around $6.53 billion.
This appears to be happening in Asian trading on Tuesday morning as crypto markets tanked 2.7%, with total capitalization falling to $2.68 trillion.Bitcoin prices fell 4% from an intraday high of $70,600 to bottom out at $67,555 around 12 hours later during the Tuesday morning Asian trading session.
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