Why is Mt Gox’s plan to repay creditors sinking Bitcoin?

Mt Gox moved 47,228 BTC valued at $2.71 billion on Friday. On-chain data shows miners' selling activity is increasing, signaling bearish momentum. German government continues moving Bitcoin to exchanges. Bitcoin price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. Technical indicators hint that BTC may undergo a further 7% decline to retest the $52,000 level.

Mt Gox moves 47,228 BTC from cold storage to a new wallet. pic.twitter.com/3ZdSlC1IX2 — Arkham July 5, 2024 25 minutes ago, #Mt_Gox transferred 2,702 $BTC to #Bitbank. #Bitbank is one of the exchanges listed for supporting Mt Gox repayments. Address:https://t.co/3KqaREgFtq pic.twitter.com/lK3QcfI84f — The Data Nerd July 5, 2024 Bitcoin miners selling pressure the highest since late May Bitcoin miners have been sending an average of 8,280.

German Government selling up to $175M BTC In the past 2 hours the German Government has moved 1300 BTC to exchange deposits at Kraken, Bitstamp and Coinbase. They have also moved 1700 BTC to address 139Po. These funds are likely moving to a deposit for an… pic.twitter.com/ZMTxoipo5d — Arkham July 4, 2024 Tron founder Justin Sun disclosed his readiness on X to negotiate with the German Government to acquire their remaining BTC off-market, aiming to mitigate any adverse market impact.

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