Bitcoin Price Falls Below $66,000 Following Mt. Gox Transfer of $2.5 Billion in BTC to New Wallet
Bitcoin experienced a drop below $66,000 as the Mt. Gox trustee initiated a transfer of $2.8 billion worth of BTC to new wallets. Despite this, the Bitcoin price has managed to recover to $66,408.24, following a dip to $65,479.96 earlier in the day. However, BTC is still trading 1% lower than the previous day’s value, with traders moving $28 billion in BTC volume within the last 24 hours.
The broader cryptocurrency market also saw a 1% decline, with the global cryptocurrency market cap dropping to $2.53 trillion. In March, during Bitcoin’s surge to a new all-time high above $73,000, the global market cap neared $3 trillion, a level last seen in November 2021.
The Mt. Gox trustee made significant movements today, transferring 42.6 Bitcoin valued at approximately $2.8 billion. Notably, a substantial amount of $2.1 billion was sent to a new wallet, while subsequent transfers were directed to centralized crypto exchange Bitstamp, one of the entities aiding in the redistribution of Bitcoin and Bitcoin Cash to Mt. Gox creditors.
Analysts suggest that Bitcoin may revisit its all-time high later this year. Ruslan Lienkha, YouHodler’s chief of markets, noted that Bitcoin has been consolidating within the $60,000 to $70,000 range, indicating potential for a return to the $71,000-$72,000 zone. However, investor sentiment appears cautious, with a pause in Bitcoin ETF inflows after a 12-day streak, possibly due to reallocation into new Ethereum ETFs.
Looking ahead, upcoming events such as Trump’s speech at Bitcoin 2024 and the release of US GDP and PCE data could serve as catalysts for Bitcoin’s push towards a new all-time high. Analysts believe that positive developments could propel Bitcoin to new price levels, especially amid rumors of Bitcoin becoming a strategic reserve asset.
For now, market watchers are monitoring key events to gauge Bitcoin’s trajectory, with expectations of potential price movements based on upcoming economic data releases and geopolitical developments.
