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Last Monday’s spot Ethereum ETF craze affected the entire market and had a significant impact on Bitcoin. Following this event, the Bitcoin price returned to the $70,000 level, giving investors a breather. At one point, the price even rose to $72,000. A news report that emerged minutes ago seems to have harmed the market.
What Will Happen to Bitcoins?
Minutes ago, information emerged that a cold wallet belonging to the Mt. Gox exchange, which has been central to a process from past to present, transferred 12,400 Bitcoins to an unknown address.
Arkham Intelligence revealed that this transfer, reflected in the charts, was completed in 5 different transactions. The first 4 transactions covered 2,000 BTC each, while the last transaction involved the transfer of 2,240 BTC.
On the other hand, the Mt Gox address currently holds 137,892 BTC. It is known that Mt Gox will distribute its 142,000 BTC and 143,000 BCH assets to creditors before October 31, 2024.
While the reason for the transfer is unknown, this situation negatively affected the Bitcoin price.
What is the Bitcoin Price Now?
After the news emerged, the Bitcoin price plummeted within minutes. The Bitcoin price dropped from its $69,400 level to $68,400 and, as of the time of writing, continues to trade around $68,700.
Bitcoin’s market cap fell to $1.35 trillion after the decline, reflecting a drop of less than 1%. The 24-hour trading volume increased after the sudden drop. Following a 65% positive change, BTC’s 24-hour trading volume reached $27.2 billion.
This increase in Bitcoin volume can be interpreted in different ways. On one hand, it can be seen as a sign of how eager investors are to buy Bitcoin. On the other hand, when combined with the price drop, it can also be interpreted as an indicator of short selling.
