sell-off continued during Friday's Asian hours 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, reaching the lowest since Feb. 26, according to charting platform TradingView and CoinDesk. At 00:27 UTC, Mt. Gox transferred 47,228 BTC 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 , 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.
The intense sell-off has flipped the horizontal support of $56,500 stemming from May lows into resistance. Besides, the bears have established a foot hold below the crucial 200-day SMA and the bull market trendline.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Bitcoin dips below short-term holder realized price, sparking $60K fearsBitcoin’s price has dropped below the short-term holder realized price, sparking fears of a further decline to $60,000.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: TheBlock__ - 🏆 464. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »