Bitcoin Price Prediction as Mt. Gox Wallet Transfers $2.93 Billion in BTC – Will BTC Stay Above $68K?
Bitcoin (BTC) remains traded bearish, holding around $67,750, with an intraday low of $67,500 amid Mt. Gox wallet transfers. The recent declines follow the news of Mt. Gox transferring 42,909 BTC, valued at $2.93 billion, to an unknown wallet as part of preparations to repay creditors by October.
This move has raised concerns among investors, contributing to BTC’s downward trend. Simultaneously, the US dollar’s decline amid falling US Treasury yields could potentially provide some support for Bitcoin, offering a complex outlook for the cryptocurrency in the near term.
On May 28, Bitcoin fell by 2% after Mt. Gox moved 42,909 BTC, worth around $2.93 billion, to an unknown wallet. This move is part of the exchange’s plan to repay creditors by October.
The transactions, tracked by Whale Alert, included a significant transfer of 32,137 BTC. Mt. Gox still holds nearly 138,000 BTC, valued at over $9.36 billion. The lack of explanation for these transfers has put downward pressure on Bitcoin’s price.
In the past 2 hours, #MtGox transferred 42,909 $BTC ($2.93B) to a new wallet “1Jbez”.
Before the above transfers, the Mt. Gox address held a total of 137,892 $BTC ($9.42B).
Note that Mt Gox plans to distribute its 142,000 BTC and 143,000 BCH holdings to creditors by Oct 31,… pic.twitter.com/ljjG3W2boZ
— Spot On Chain (@spotonchain) May 28, 2024
Investors remain cautious as the repayment plan progresses, impacting Bitcoin’s market performance.
The US dollar is weakening as US Treasury yields decline, impacting Bitcoin positively. The US Dollar Index (DXY), which measures the dollar against six major currencies, is around 104.50.
Currently, 2-year and 10-year Treasury yields are at 4.94% and 4.46%, respectively. According to the CME FedWatch
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