The post This Week In Coins: Bitcoin’s Bad Week Sinks the Crypto Fleet appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Illustration by Mitchell Preffer for Decrypt. After ten years, the Mt. Gox bankruptcy’s Bitcoin distributions have officially begun—and the crypto market is spooked. On Friday, the price of Bitcoin collapsed as low as $53,898, its lowest price since February, according to CoinGecko. That’s a 27% drop from its all-time high of $73,700 registered in March, and the largest pullback from a local high since the asset’s bottom at $15,500 in November 2022. Though Bitcoin’s price fell swiftly after the exchange revealed it was initiating distributions, on-chain data suggests that the pullback was far more driven by narrative than by the event itself. “Mt. Gox wallets continue to hold in total 138,985 BTC ($7.52B),” tweeted blockchain data platform Arkham Intelligence on Friday. That means just 2,701 BTC had actually left the exchange’s wallets for repayments—and only a fraction of those coins may have been sold by recipients. UPDATE: Mt. Gox moving $2.71B BTC In the past 8 hours, Mt. Gox wallets moved 47,229 BTC ($2.71B) from the cold wallet 1HeHL. 2701.8 BTC ($148.4M) was moved out of Mt. Gox wallets with 1544.7 BTC ($84.9M) sent to Bitbank through Gox address 1PKGG, and 1157.1 BTC ($63.6M) sent to… pic.twitter.com/sJEuJB7GwC — Arkham (@ArkhamIntel) July 5, 2024 Indeed, in announcing that repayments had begun, Mt. Gox trustee Nobuaki Kobayashi asked for patience as they worked to validate and process them all, writing, “We ask eligible rehabilitation creditors to wait for a while.” The bearish narrative surrounding Mt. Gox has nonetheless proven so overpowering that even altcoins completely unrelated to the exchange are collapsing. While BTC has slightly recovered to $56,372—a 7%…

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Filed under: News - @ July 6, 2024 11:14 pm