Mt. Gox Transfers 11,501 Bitcoin Amidst Price Decline Below $77,000
Mt. Gox transferred 11,501 Bitcoin valued at $905 million to an unmasked wallet after previously moving $1 billion last week. The exchange retains over 35,915 Bitcoin. Amidst Bitcoin’s price drop below $77,000, predictions by Arthur Hayes suggest potential further declines, while Ryan Lee indicates possible support levels.
Mt. Gox, the defunct cryptocurrency exchange, recently executed a significant transfer of 11,501 Bitcoin, estimated to be valued at approximately $905 million, to an unmasked wallet. This transaction followed a previous transfer of 166 BTC to BitGo last Friday, according to Arkham Intelligence. Furthermore, the exchange had transferred over $1 billion in Bitcoin to a newly designated wallet just last week.
The recent transfers are noteworthy as Mt. Gox still holds over 35,915 Bitcoin, translating to roughly $2.8 billion at current market valuations. Today, the newly masked wallet facilitated a transfer of $931 million, with the majority being dispatched to an unidentified wallet. This surge in Bitcoin transfers follows market fluctuations, with Bitcoin prices dipping below $77,000 earlier this week, further extending its decline.
Notably, Arthur Hayes, co-founder of BitMEX, has predicted a potential drop in Bitcoin’s value to $75,000 amidst ongoing market volatility. He mentioned the importance of the $78,000 price level, warning that if it fails to hold, a more significant decrease may occur. Conversely, Ryan Lee, chief analyst at Bitget Research, highlighted that if $77,000 support is breached, prices could enter the $70,000–$72,000 range, while a rebound might start from $75,000, facilitating a rise back into the $80,000–$85,000 bracket.
In his assessment, Lee remarked that the most plausible scenario for the week includes a midweek test of $72,000–$75,000, ultimately stabilizing around $83,000 by mid-March. This forecast is contingent on broader market trends, regulatory developments, and the upcoming Federal Open Market Committee (FOMC) meeting.
In summary, Mt. Gox’s transfer of over 11,500 Bitcoin signals potential market movements interlinked with price fluctuations. While the exchange still possesses substantial Bitcoin holdings, industry experts like Arthur Hayes and Ryan Lee anticipate varied price ranges for Bitcoin, influenced by market support levels and external factors. The coming days will be crucial in determining whether Bitcoin can stabilize or will face further downward pressures.
Original Source: cryptobriefing.com
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