BTC Nightmare Mt. Gox Took Action: Bitcoin Price Dropped Hard!

The cryptocurrency market experienced a significant decline on May 28, with losses led by Bitcoin. This decline led to the collapse of the bankrupt stock exchange Mt. Gox, reigniting concerns of a potential selloff. Here is Bitcoin price and Mt. Gox’s latest movements

Bitcoin price fell

While most major altcoins followed Bitcoin’s downward trend, some like Solana (SOL) managed to post slight gains. The overall cryptocurrency market cap decreased by 0.58% to $2.57 trillion. However, an increase in trading activity was observed in the last 24 hours, with a 43.08% increase in trading volume reaching $87.7 billion.

Bitcoin (BTC) experienced a 2% price correction yesterday following an attempt to surpass the $70,000 level. The current price is around $68,139 and shows the characteristic volatility of the token. Analysts believe that Bitcoin continues to consolidate in the $65,000-70,000 range and is struggling to overcome the critical $70,000 resistance level. A convincing break above this level appears necessary for further upside momentum. Conversely, a break below the $66,000 support level could trigger a steeper decline towards $64,000 or lower.

Mt. Gox is causing a stir

The main catalyst for the sudden market tension was the bankrupt cryptocurrency exchange Mt. It appears to be a series of large Bitcoin transfers originating from wallets connected to Gox. A total of approximately 43,000 Bitcoins, worth $3 billion, were moved in three separate transactions, according to data from Arkham Intelligence. This is Mt. Gox has transferred Bitcoin for the first time in five years and marks a significant development in ongoing bankruptcy procedures. The exchange plans to distribute a total of 142,000 BTC and 143,000 BCH to creditors before October 31, 2024.

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Also, this is Mt. It marks the first time Gox has transferred Bitcoin from its wallet in five years. The move is an important step in resolving the long-running bankruptcy process and returning assets to those affected by the stock market crash. As we reported, the Tokyo-based platform, founded in 2010, quickly gained popularity. Because it became the largest Bitcoin exchange in the world by 2013. Notably, it handled 70% of all Bitcoin trading worldwide. However, it stopped all withdrawals and suspended trading in early 2014. The site went offline shortly after. The company then filed for bankruptcy protection after losing more than 800,000 Bitcoins.

Mt. The sudden movement of such a large amount of Bitcoin by Gox sparked fear among investors, with concerns of a potential sell-off due to creditors retrieving their long-lost assets. This could further pressure Bitcoin’s price in the short term. The coming days will be critical in determining how the market reacts to this development and whether Bitcoin can regain its lost position or succumb to further selling pressure.

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