Bitcoin Stays Above $68k Despite $9.6 Billion Worth of BTC Transfer from Mt. Gox Cold Wallet

TL;DR

• BTC is up by less than 1% and is currently trading above $68k.

• The positive performance comes despite the defunct exchange Mt. Gox moving $9.6 billion worth of bitcoins from its cold wallet.

BTC Trades Above $68K After Mt. Gox Transfer

Bitcoin, the world’s leading cryptocurrency by market cap, is up by less than 1% in the last 24 hours. It has maintained its value above the $68k mark over the last couple of hours despite slightly dipping to the $67k region on Tuesday.

At press time, Bitcoin’s price stands at $68,061. The mixed performance comes despite the now-defunct exchange Mt. Gox transferring out bitcoin worth at least $9.6 billion from its cold wallets. This was the first time in five years that Mt. Gox moved assets out of its wallets.

Bitcoin’s price slightly dropped below $68k on Tuesday following the report by Arkham Intelligence. Some analysts expected BTC’s price to dip lower thanks to the sudden bout of supply in the market.

However, the bearish performance didn’t last long as BTC immediately surged above $68k. Bitcoin can rally towards the $70k psychological level in the short term if the bullish momentum can be maintained. 

The total cryptocurrency market cap now stands at $2.58 trillion, up by 1% so far today.