Hassan Maishera
TL;DR
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BTC is down 3% in the last 24 hours and trades below $60k.
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Mt.Gox has moved over $700m worth of bitcoins to an unknown wallet as traders another selloff.
Bitcoin Drops Below $60k Again as Traders Anticipate Another Selloff
Bitcoin is trading in red again despite a positive start to the week. The leading cryptocurrency by market cap is down nearly 3% in the last 24 hours, with altcoins also underperforming.
At press time, Bitcoin’s price is $59,458 and could dip lower if the market selloff continues. The bearish performance comes as Mt.Gox moved more bitcoins to an unknown wallet as traders anticipate another selloff.
The blockchain analytics firm Arkham revealed that Mt. Gox transferred 12,000 bitcoins to an unknown wallet on Tuesday night. The defunct crypto exchange sent the bitcoin worth $709.44 million to wallet address “1PuQB…nWhTb” at around 11:39 p.m. UTC on Tuesday, along with a transfer of 1264.69 BTC ($74.77 million) to address “1Jbez…LAPs6”.
The movement sparked concerns amongst investors that Bitcoin might experience another selloff, similar to when Kraken received and distributed Mt.Gox bitcoins to creditors. The large movement of funds may indicate that the Mt.Gox creditor repayments are ending soon.
With Bitcoin underperforming, most altcoins are also trading in the red. Ether, the second-largest cryptocurrency by market cap, is down 2.8% and could drop below $2,600 soon.
Tron’s TRX continues its upward movement, adding 10% to its value in the last 24 hours despite a bearish performance by the broader market. TRX is trading at $0.1592 and occupies the 10th position in the market after dislodging Cardano (ADA).
