Bitcoin Price Approaches $66,000 as Mt. Gox Transfers $130 Million to Bitstamp
Bitcoin approached the $66,000 mark as the defunct exchange Mt. Gox initiated the transfer of its latest batch of the asset to the crypto exchange Bitstamp, a move that has historically triggered sell-offs in the wider crypto market.
Data from Arkham revealed that Mt. Gox shifted over $2.85 billion worth of BTC to a new wallet during the early hours of Tuesday in Asia. Subsequently, it sent 5,000 BTC, valued at $340 million at current rates, to one wallet, and another 37,000 BTC, worth $2.5 billion, to a different new wallet.
Approximately $130 million worth of BTC from the 5,000 BTC wallet was then moved to Bitstamp, according to data. Typically, transfers to exchanges indicate an intent to sell holdings.
These transactions occurred following Mt. Gox’s movement of small amounts of BTC to Bitstamp the previous day, likely as a preliminary transaction.
In early July, Mt. Gox commenced repaying creditors impacted by a 2014 breach. Traders are set to receive over $9 billion worth of BTC and $73 million in bitcoin cash (BCH) in the forthcoming months.
The price of Bitcoin dipped below $67,000 as Mt. Gox initiated asset transfers, impacting market sentiment as U.S. investors prepared to commence trading spot ether (ETH) exchange-traded funds for the first time later in the day.
