A growing selling pressure forced the crypto market to a negative zone. Bitcoin [BTC] Can be seen resisting an area that it had pushed beyond to reach $73,750, its record high. Bitcoin is currently trading in the $54,000 range after falling 7.88% on the previous day. Mt. Gox has announced it will begin paying consumers back. It is now possible for those users who have been waiting almost 10 years to receive their bitcoins to finally get them back.
Mt. Gox was bankrupted within a short time. It was one of the biggest cryptocurrency exchanges at the time. The loss of the exchange was estimated to be around 740,000 BTC.
Arkham Intelligence is a blockchain analytics firm that has analyzed the exchange. moved Today, 47.228 BTC valued at $2.6 billion were transferred from cold storage into a new wallet. Exchanges were supposed to start releasing the funds that had been taken in 2014 from their customers later this week. In the upcoming payments, 143,000 Bitcoin Cash will be repaid. [BCH]Japanese yen, worth 7,73 billion dollars, is equivalent to 140,000 BTC.
Also Read: Justin Sun Wants To Buy Germany’s Bitcoin Amidst Ongoing Dip
What’s Next for Bitcoin?
Bitcoin is currently trading for $54,019.41. King coin has dropped 12.07% over the last seven days. Bitcoin reached a trading high of $63,491 prior to dropping down to its current price. Mt. It appears the asset is going to decline. Also, 10x Research analysts suggested This is a sign of a significant shift in the market’s mood. The psychological benchmark has been broken, and the price now hovers around $50,000. The 10x Research has linked it to a drying-up of buying flows “while sell flows are accelerating.”
Bitcoin’s current high is only 26% higher than the previous peak.
Also Read: Bitcoin: $600 Worth of BTC From 2012 Becomes $7 Million in 2024
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Source: watcher.guru