- BTC dips 3% on renewed movement of coins by defunct crypto exchange Mt. Gox.One observer said the movement of coins was likely a part of the exchange’s creditor reimbursement plan.
In simple terms, Bitcoin, the most valuable cryptocurrency, experienced a slight decrease of around 3%, dropping under $63,000 momentarily. This occurred after reaching as high as $65,000 during early Asian market hours, based on CoinDesk’s reports.
As a seasoned cryptocurrency analyst with years of experience in tracking blockchain transactions, I have witnessed many intriguing events in the digital currency world. One that stands out is the infamous case of Mt. Gox, the once-dominant Bitcoin exchange that famously collapsed in 2014.
The movement was likely a part of the repayment plan, according to on-chain sleuth Lookonchain.
Mt. Gox, which was the biggest bitcoin exchange at one point in time, suffered a major hack in 2014 resulting in the loss of over 200,000 bitcoins. The exchange initiated its debt repayment process on July 4, leading to apprehensions among creditors who have been waiting for more than a decade for compensation.
As a crypto investor, I’ve noticed that Bitcoin’s recent drop had a significant impact on the market. Specifically, Ether, the second-largest digital asset by market value, declined by more than 2.5% and reached a price of around $3,400. The CoinDesk 20 Index (CD20), which tracks the performance of 20 major cryptocurrencies, also experienced a downturn, falling over 2% to reach approximately 2,182.
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2024-07-16 10:37