Mt. Gox Bitcoin BTC/USD Transfer Briefly Drops Cryptocurrency Under $63,000

Following a massive transfer of Bitcoin BTC/USD by the defunct exchange Mt. Gox, the world's largest cryptocurrency briefly fell under $63,000 in Tuesday's Asian trading session

Bitcoin (CRYPTO: BTC) price action surged into the New York open Tuesday after large cryptocurrency exchange Mt. Gox moved 44,527 BTC ($2.84 billion) from its cold wallet to an internal hot wallet, according to blockchain analysis firm Arkham Intelligence.

The initial transfer of 0.021 BTC ($1,000) to a blockchain address was reported earlier. CoinDesk reported the activity is likely connected to Mt. Gox’s seven-year repayment plan.

Crypto exchange Kraken said it received the funds and will begin distributing them to customers over the next two weeks.

Mt. Gox, once the world’s largest bitcoin exchange, collapsed in 2014 after losing a substantial amount of bitcoin in a hack.

The exchange began repaying its debt on July 4, sparking concerns about potential mass selling by creditors.

See also: Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid

The large transfer of BTC comes as the world’s largest cryptocurrency briefly fell below the $63,000 level during Asian trading hours. Bitcoin breached the $64,000 level for the first time in over three weeks.

While the price action may be encouraging to some traders, Bitfinex analysts cautioned that the positive momentum might not sustain. The analysts advised traders to closely monitor the situation before drawing any firm conclusions.

Bitcoin’s recent rallies have attracted attention from notable figures in the tech industry.

Dell Technologies Inc. (NYSE:DELL) founder Michael Dell recently called bitcoin “fascinating” in response to BlackRock (NYSE:BLK) CEO Larry Fink's bullish stance on the cryptocurrency.

Dell's comments follow Fink’s recent statement that bitcoin is getting “more interesting” and may serve as an inflation hedge.

The bitcoin price has attracted a range of commentary from several figures, including Tesla (NASDAQ:TSLA) CEO Elon Musk, FTX CEO Sam Bankman-Fried and MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor.

Bitcoin price action surged over 30% last week and is now trading 60% higher year-to-date.

The above is the detailed content of Mt. Gox Bitcoin BTC/USD Transfer Briefly Drops Cryptocurrency Under $63,000. For more information, please follow other related articles on the PHP Chinese website!