The crypto market remains on edge despite Bitcoin price noting a strong rally today. Notably, the recent transfers of more than 2500 BTC by Mt. Gox have sparked discussions among investors about how it could hinder the current rally of the coin. In addition, recent reports also indicate that BTC might witness a pullback ahead, citing historical and other market trends.

Bitcoin Price Faces Pullback Risk Amid Mt. Gox Transfer

According to a recent report by Arkham Intelligence, Mt. Gox has moved 2570 BTC today, valued at around $228.48 million. The transfer was made to a wallet “1PQZw…DDJtK”, sparking discussions about how it can impact the current rally of the Bitcoin price.

Besides, the bankrupt crypto exchange has also moved more than 32,300 BTC to two separate wallets recently. Despite that, the BTC still maintains its position in the green, indicating that investors are lauding the recent positive market trends in response to these short-term concerns.

However, if a similar selloff continues, it could significantly impact crypto’s performance in the coming days.

The post Breaking: Bitcoin Price Risks Falling As Mt. Gox Moves 2570 BTC appeared first on CoinGape.

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Filed under: News - @ November 12, 2024 6:24 am