{"id":51243,"date":"2024-07-17T01:30:00","date_gmt":"2024-07-17T01:30:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-sheds-6b-leaves-mt-gox-cold-wallet"},"modified":"2024-07-17T03:45:02","modified_gmt":"2024-07-17T03:45:02","slug":"bitcoin-price-sheds-3-as-6b-leaves-mt-gox-cold-wallet","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51243","title":{"rendered":"Bitcoin price sheds 3% as $6B leaves Mt. Gox cold wallet"},"content":{"rendered":"

<\/p>\n

Bitcoin (BTC) shed over 3% on July 16 as what analysis called \u201cFUD\u201d involving defunct exchange Mt. Gox resurfaced.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Mt. Gox Bitcoin outflows send price below $6,000<\/h2>\n

Data\u00a0showed BTC price action under pressure after hitting $65,000 on Bitstamp.<\/p>\n

The downturn came as BTC belonging to Mt. Gox shifted between wallets affiliated with its rehabilitation program.<\/p>\n

According to data from crypto intelligence firm Arkham, the amount involved totaled some 92,000 BTC (approximately $5.7 billion) in outflows from Mt. Gox\u2019s cold wallet \u2014 around two thirds of the exchange\u2019s total holdings.<\/p>\n

Mt. Gox cold wallet transactions (screenshot). Source: Arkham<\/em><\/figcaption><\/figure>\n

\u201cMt. Gox moved 44,527 $BTC(2.84B) to an internal wallet 5 minutes ago, which may be preparing for repayment,\u201d onchain analytics platform Look Into Bitcoin responded on X (formerly Twitter).<\/p>\n

Similar events surrounding Mt. Gox, now due to distribute refunds to creditors who originally lost them when it was hacked and closed down more than a decade ago, have had a detrimental effect on price, with markets fearing mass BTC sales as a result.<\/p>\n

Some, however, believe those fears do not match reality.<\/p>\n

\u201cAnd here is the next Bitcoin FUD,\u201d popular crypto investor and YouTuber Quinten Francois wrote in part of an X reaction.<\/p>\n

As Cointelegraph reported, sell-side pressure spooking markets in recent weeks also came from the German government, whose stocks of confiscated BTC are now depleted.<\/p>\n

BTC price flirts with key “bull market trendline”<\/h2>\n

The flurry of concern disrupted what had been arguably Bitcoin\u2019s best performance in months.<\/p>\n

BTC\/USD last saw $65,000 on June 21, a significant level being Bitcoin\u2019s short-term holder cost basis.<\/p>\n

Also known as realized price, the cost basis of speculators traditionally functions as support during bull markets, and had last been violated in August 2023.<\/p>\n

Look Into Bitcoin put the short-term holder cost basis at $64,835 as of July 15.<\/p>\n

Bitcoin short-term holder realized price (screenshot). Source: Look Into Bitcoin<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) shed over 3% on July 16 as what analysis called \u201cFUD\u201d involving defunct exchange Mt. Gox resurfaced. BTC\/USD 1-hour chart. Source: TradingView Mt. Gox Bitcoin outflows send price below $6,000 Data\u00a0showed BTC price … Bitcoin price sheds 3% as $6B leaves Mt. Gox cold wallet<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51247,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,6628,3812,5652,6693,6946],"class_list":["post-51243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-btcnews","tag-cryptonews","tag-emilynews","tag-moneyonline","tag-tapbots","exalt-entry"],"yoast_head":"\nBitcoin price sheds 3% as $6B leaves Mt. 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