BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Mt. Gox Transfers $9B Bitcoin, Ignites Market Speculation




1
Bitcoin plunged after Mt. Gox transferred $9 Billion BTC to an unknown wallet.


2
The market turned bearish after the news broke out and plunged 1.5%.














Mt. Gox, the defunct Bitcoin exchange , transferred over 140,000 bitcoins worth around $9 Billion to an unknown address. The wallet data shows it takes thirteen transactions. All the Mt.Gox’s gathered a single BTC wallet. This transfer is possibly part of a plan to repay creditors by October 31, 2024. 



The market reacted bearishly to these movements, with Bitcoin dropping by 1.5%. This is the first movement of assets from Mt. Gox’s cold wallets in over five years.  



CryptoQuant’s Head of Research, Julio Moreno, mentioned in a post that outflows from Mt. Gox addresses are ongoing. A total of 42,829 Bitcoins have been moved from Mt. Gox addresses in the last few hours. All coins have been transferred to a new address: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6.



Outflows from Mt. Gox addresses continue: Now a total of 42,829 Bitcoin have moved out from Mt. Gox addresses in the last few hours. All coins have been transferred to a new address: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 pic.twitter.com/s19TtkMP3i — Julio Moreno (@jjcmoreno) May 28, 2024



The transferred Bitcoins are likely to be held by creditors instead of being sold on the open market.



Social Volume vs. Social Dominance 



Social dominance and social volume are in decline. Since March 2, 2024, the social metrics of the coin have continued to decline, indicating that Bitcoin discussions are less in May compared to March.







Bitcoin’s low social volume and social dominance demonstrate that it has low media coverage on social platforms like X, Reddit, and others.



Bitcoin Price is Showing Weakness



Bitcoin is struggling to break through the $71,000 mark, indicating some weakness in its price. However, there is an increased possibility of a breakout as the trading volume decreases and the resistance level is tested multiple times.









var tradingview_embed_options = {};

tradingview_embed_options.width = '980';

tradingview_embed_options.height = '425';

tradingview_embed_options.chart = 'pIQYW3QS';

new TradingView.chart(tradingview_embed_options);









On the daily chart of the king crypto BTC, the Exponential Moving Averages (EMAs) suggest an uptrend, with a significant deviation between the 50-day and the 200-day EMAs. The EMAs also showed a golden crossover, indicating bullishness.



The Moving Average Convergence Divergence (MACD) indicator is strongly bullish, with the MACD and the signal line consistently remaining above the bullish trajectory in a bullish crossover.



The Relative Strength Index (RSI) is also bullish, with the indicator’s value consistently staying above the 50-level for an extended period and following a bullish cycle.



When writing, the Bitcoin stands at $68532 with an intraday drawdown of 1.50%. Market cap of BTC at press time stood at $1.35 Trillion.
Ritika Sharma With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News