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Bitcoin Drops Below $68,000 After Mt.Gox Transferred Over $9 Billion Into Bitcoin
Photo: Toru Hanai (Reuters)
After rising to over $70,000 on Monday, Bitcoin’s price fell below $68,000 on Tuesday morning as the now-defunct Bitcoin exchange Mt. Gox transferred more than $9 billion in Bitcoin to an unknown wallet, perhaps to repay his creditors.
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The transfer of more than 140,000 Bitcoin added pressure to the cryptocurrency market, sending the leading cryptocurrency tumbling 1.4% to a low of $67,680 early Tuesday morning.
Tokyo-based Mt.Gox, once the world’s largest Bitcoin exchange, lost hundreds of thousands of Bitcoins after a cyberattack and bankruptcy filing in 2014, it owes creditors 45 billion yen ($414 million). Since then the creditors have been waiting for the repayment of their holdings.
With the latest Bitcoin transfer, Mt. Gox made its first transaction in over five years. This is probably part of a plans to distribute assets to creditors again by October 31, 2024.
Overall, the cryptocurrency market was sluggish Tuesday morning, with Ether hovering around $3,900, down 0.33%. Dogecoin and Cardano fell 2.4% and 1% respectively. Meanwhile, Solana jumped 2.6% following the news its validators would receive additional commissions.
The Bitcoin and Ether ETF markets are expected to reach $450 billion
Meanwhile, Bernstein is bullish on Bitcoin and Ether ETFs. In a report released on Tuesday, the brokerage firm said that the Bitcoin and Ether exchange-traded fund (ETF) markets are expected to experience substantial growth, potentially reaching a combined value of $450 billion. CoinDesk Reports. Bernstein said the US-approved Ether spot ETF has positive implications for rival tokens like Solana, according to the report.
Earlier this month, analysts at Bernstein predicted as much Bitcoin would reach $150,000 in 2025 and that by the end of the year it would become the leading cryptocurrency reach $90,000.