Summary
- Bitcoin is trading at $54,000, as BTC liquidations in the past 24 hours are close to $229 million.
- Earlier, Mt. Gox moved 47,229 BTC ahead of the $9 billion payout.
Bitcoin is currently trading at $54,100 after the price dropped to around $53,700 earlier today. At the moment of writing this article, BTC is down by over 7% in the past 24 hours.
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The price drop comes following the news of Mt. Gox’s latest cold wallet transfer. The defunct crypto exchange has moved BTC ahead of its $9 billion payout to creditors.
According to the latest data from Arkham, one of Mt. Gox’s three wallets that held important portions of funds sent about 47,229 BTC worth approximately $2.5 billion at current prices to a wallet address ending with “6onk.”
In late June, the crypto exchange announced that it would begin distributing over $9 billion worth of funds in BTC, BCH, and fiat to its creditors at the beginning of July.
Today, the exchange released an official announcement about the repayments, saying that these are made through a part of the designated crypto exchanges based on the rehabilitation plan.
Peter Chung, head of research at Presto Research, said that the selling pressure may be stronger for BCH than BTC, given the fact that BCH doesn’t have a strong investor base like the one of BTC.
According to him, Mt. Gox creditors will probably seek to cash out immediately just like any other airdrop.
Almost $229M in BTC Liquidations in 24 Hours
According to official data from CoinGlass, BTC saw almost $229 million in liquidations over the past 24 hours. Of these, $185 million were longs and $43.6 million in shorts.
According to the same data, the 24-hour crypto liquidations totaled over $685 million, of which longs were over $590 million and shorts were almost $95 million.
Ethereum also saw over $166 million in liquidations over the past 24 hours, with almost $145 million in longs and over $21 million in shorts.
On July 4, BTC’s price dropped to around $57,000 mostly due to steady selling from spot markets.
CryptoQuant cited on-chain data, revealing long-term BTC holders have been also realizing significant profits while contributing to the coin’s price decline.