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On-chain data reveals reasons behind the recent cryptocurrency decline. The defunct exchange Mt. Gox transferred 13,265 Bitcoin worth $784 million to two unknown wallets. Meanwhile, bulls lost the crucial $60,000 BTC price support amid the decline.
Mt. Gox and Bitcoin Payments
A week after Mt. Gox transferred $2 billion worth of Bitcoin to the crypto exchange BitGo, another $784 million worth of BTC was moved to two unknown wallet addresses. According to Arkham Intelligence, Mt. Gox sent $709.44 million worth of BTC to the “1PuQB…nWhTb” wallet address and $74.77 million worth of BTC to the “1Jbez…LAPs6” address. These BTCs may also be moved to exchange addresses for repayment purposes.
By the end of July, Mt. Gox had transferred 95,523 Bitcoin worth $6.14 billion to BitGo, Kraken, Bitstamp, and other crypto exchanges for repayment purposes.
Despite the completed transfers, Mt. Gox still holds 46,164 BTC worth $2.74 billion, depending on the current BTC price. Past statements suggest that Mt. Gox could complete this repayment process by the end of the year.
BTC Price Decline
These transfers are believed to have created fear and pressure in the market, triggering a decline. Bitcoin bulls have weakened, and BTC has dropped by 2.32% to $59,600. Despite this, bulls are striving to keep BTC above $60,000, causing significant volatility as BTC has traded between $50,000 and $60,000.
Developments continue among Bitcoin miners. Miners are losing strength, but investors still believe in a post-halving rally. Additionally, Bitcoin whales are buying amid the price drops.
According to Santiment, a leading blockchain analysis firm, Bitcoin whale wallets holding between 100 and 1,000 BTC have purchased 100,000 BTC over the past six weeks.
Additionally, for BTC to enter the next phase of its rally, it must maintain stability above the $60,000 resistance level. Currently, the market is focused on the Fed minutes expected to be released today at 9:00 PM. There is widespread speculation that the minutes will indicate a rate cut in September.
