Is Bitcoins Value in Danger Mt Gox Transfers Billions in BTC
Bitcoin (BTC), the foremost cryptocurrency in the world by market capitalization, has slipped beneath the $68,000 mark as the defunct Mt. Gox transfers billions in BTC. On November 5, 2024, the Whales transaction tracker posted on X (previously Twitter) that Mt. Gox had shifted a hefty 32,371 BTC valued at $2.19 billion from its cold wallet.
Advertisement
Source: X (previously Twitter)
Mt. Gox’s Billion-Dollar BTC Transactions
This considerable BTC transfer transpired on a pivotal U.S. presidential election day.
According to data disclosed by Whale Tracker, 30,371 BTC was shifted to the wallet address “1FG2Cv.” Nevertheless, no further movement or transfer from this address has been observed so far.
Moreover, 2,000 BTC has been transferred to the cold wallet “1jbezD,” and another 2,000 BTC was shifted from Mt. Gox to the wallet address “15gNRV.”
In spite of these notable Bitcoin transfers, the asset price appears more robust after dipping below the $68,000 mark. Following the downturn, BTC found support at the 200 Exponential Moving Average (EMA) on the four-hour chart and is now trending upward.
Bitcoin Price Analysis
As of the press time, BTC is being traded around $68,150 and has suffered a price drop of 1.35% in the last 24 hours. Meanwhile, its trading volume has soared by 26% during the same duration, signaling increased engagement from traders and investors in the run-up to the U.S. election.
Bitcoin Technical Analysis and Upcoming Level
Based on expert technical analysis, Bitcoin seems neutral as it currently stands at a critical support level within the breakout zone and has also found support at the 200 EMA. However, the motive behind Mt. Gox’s significant BTC transaction remains a mystery, suggesting a strong likelihood that it has not influenced the price.
Source: Trading View
Judging by recent price behavior, if BTC closes a four-hour candle above the $69,000 mark, it is highly likely to experience a significant upturn in the upcoming days.
In the challenging cryptocurrency sector, whales and investors are actively engaging as BTC’s large transactions have surged by 90% in the last 24 hours. These remarkable large transactions underscore significant involvement amid the price fall ahead of the election, which is a bullish indicator.
Tags
Bitcoin
Crypto news
Cryptocurrency