The past 3 weeks have been a period of significant declines for Bitcoin. BTC price was trading at $70,000 but dropped to $58,500 after the FED’s interest rate decision. Although it revisited $63,000 twice, everything reversed today with a historic move from Mt. Gox.
Mt. Gox Moves Bitcoin
A news article from the past weeks had a bombshell effect. It was reported that Mt. Gox would start paying creditors. The date for this process was set for the first week of July.
Approximately $9 billion worth of crypto was to be distributed, causing significant uncertainty in the market. Thousands of BTC that had not been transacted for years were moved, leading to a major development.
Mt. Gox moved exactly 47,000 BTC to another wallet. This transaction drew all eyes to the market, which was not looking good.
What is Bitcoin’s Price?
Bitcoin’s price dropped again after the news. As of the time of writing, BTC price fell below $57,000 after a 5.33% drop in the last 24 hours. The price had also fallen below $57,000 the previous day but had recovered afterward.
Additionally, the market cap took a significant hit, dropping to $1.124 trillion. There was also a notable change in the 24-hour trading volume. Bitcoin’s trading volume increased by 42% during this period, exceeding $42 billion. This high volume during the day could be due to investors selling quickly to minimize losses.
