Bitcoin, Ethereum Tread Water as Mt. Gox Distributions Continue
The post Bitcoin, Ethereum Tread Water as Mt. Gox Distributions Continue appeared on BitcoinEthereumNews.com.
$3.1 billion worth of Bitcoin was transferred from Mt. Gox to BitGo. Crypto markets traded flat on Friday as Mt. Gox continues to transfer its Bitcoin holdings to exchanges to pay its creditors. Ethereum (ETH) dipped 1% to $3,153, while Bitcoin (BTC) is trading flat at $65,000. Solana (SOL) and Polkadot (DOT) dropped 3%. BTC Price On Tuesday, over $3.1 billion worth of Bitcoin was transferred from Mt. Gox to BitGo, the last of five crypto service providers through which creditors can reclaim their funds. Currently, Mt. Gox holds about $2.13 billion, or 32,990 Bitcoin, as per Arkham Intelligence. On July 31, Mt. Gox updated its creditors on the payout process that had begun earlier in the month. The exchange confirmed the transfer of Bitcoin and Bitcoin Cash to designated exchanges, with repayments occurring on July 5, 16, 24, and 31. Data from CoinGlass indicates that over 88,871 traders were liquidated in the last 24 hours, with total liquidations reaching $254.51 million. Michael van de Poppe, CEO of MN Trading, believes that Bitcoin must stay above the $60-61K range to move towards its all-time high. “Historically, August & September are bad,” he tweeted. “However, I’m expecting that from mid-August the momentum starts to change. New ATH in September/October.” According to Eliézer Ndinga, Head of Strategy and Business Development for Digital Assets at 21Shares, increasing geopolitical tensions in the Middle East could be contributing to the selloff. “We are seeing a temporary flight to safety on the back of geopolitical uncertainty,” Ndigna said in a market commentary. “U.S. Bitcoin ETF inflows remain strong despite the market selloff, with ~$170M net inflows in the past week and >$18B inflows since their launch in January.” Earnings Reports Business intelligence firm MicroStrategy increased its Bitcoin holdings in the second quarter of 2024. The company…
Filed under: News - @ August 4, 2024 6:16 am