thecoinrepublic.com
Key Insights:
- Mt. Gox transferred 185.2 BTC worth $16.8 million to crypto exchange Kraken.
- This comes after a massive 10,423 BTC worth $950 million transfer today.
- Bitcoin price remains under selling pressure.
Mt. Gox just moved 185.2 BTC to crypto exchange Kraken on Tuesday. This follows a massive transfer of 10,423 BTC earlier today.
Will Bitcoin price crash further as the defunct crypto exchange moved some BTC to the exchange as BTC fell below $90K today?
Mt. Gox Transfers Bitcoin to Kraken
Onchain Lens reported on November 18 that beleaguered crypto exchange Mt Gox deposited 185.2 BTC to the Kraken crypto exchange. The transfer was worth $16.8 million.
A few hours ago, Mt. Gox moved over 10,423 BTC worth $954 million to a new wallet. Spot On Chain reported that the wallet becomes active after 8 months.
On-chain experts claimed that the previous transfer could be to its own cold wallet. These BTC will likely get distributed to exchanges in smaller batches later.
However, these BTC moments by Mt. Gox sparked speculation of a further crash in Bitcoin price. It is because of fear in the crypto market as the Fear & Greed Index slipped deeper into the extreme fear region to 11 on Tuesday.
Mt. Gox Delayed Payments for Another Year
Japanese exchange Mt. Gox delayed creditor repayments by another year recently. It was a positive development as many fear that creditors will rush to sell their BTC, tanking the price.
As The Coin Republic reported, the trustee still held 34,689 BTC. Creditors will have to wait until October 2026 to be compensated, easing some jitters.
However, the latest BTC transfer to Kraken and a new wallet have raised concerns over a further drop in Bitcoin price. Current Bitcoin supply dynamics remain unchanged.
Some believe that as time passes, more creditors will simply hold their coins. That would significantly reduce the risk of a coordinated dump when repayments occur.
Will Bitcoin Price Fall Move?
Bitcoin price remains under selling pressure despite buy-the-dip sentiment among some whales and investors. Mt. Gox moving large amounts of Bitcoin sparked panic in the crypto community.
Crypto analyst Ali Martinez has noted that every death cross formation has marked a local bottom for Bitcoin over the past year.
However, a death cross formation in 2022 triggered a bear market, sparking concerns.
BTC price saw a rebound after falling below the $90K level. At the time of writing, the price was trading 4% down at $91,403 over the past 24 hours.
The 24-hour low and high were $89,300 and $95,841, respectively. Furthermore, trading volume has increased by 53% in the last 24 hours, indicating a rise in interest among traders.
CoinGlass data showed mixed sentiment in the derivatives market. At the time of writing, the total Bitcoin futures open interest fell 0.62% over the past 24 hours. But it jumped 1.20% to $66.70 billion in the last 4 hours.