Here we go again! The German government just finished its bitcoin sale and now billions of dollars worth of bitcoin from Mt. Gox are entering the market. Mt. Gox sent at least 47,229 bitcoins, worth $3 billion, from the cold wallet to an unknown address.
138,985 Bitcoin in wallets
in The main wallet holds Mount Gox. Bitcoin is still worth around $8.5 billion. It contains 138,985 bitcoins.
From the Mt. Gox wallets, a lot of bitcoins are now being sent and this logically causes speculation. We will see in the coming period whether the former users of the exchange platform will sell en masse or will they choose to keep the products.
In the past few hours, Mt. Gox has been very active and now seems to be putting a bit of pressure on the Bitcoin price. Bitcoin surged above $64,000 last night, but is now back at $62,600 and seems to be falling somewhat.
Of course, this does not mean that anything has been lost, but we have to be wary of further declines.
Crucial days for Bitcoin
It now seems particularly important for Bitcoin to stay above $60,000 and be able to turn this psychological level into a support point. In recent weeks, the price area between $58,000 and $60,000 has proven to be a strong resistance for Bitcoin.
In light of this, it would be good if we could now turn this price level into a support point. At the moment, Bitcoin continues to decline and the market is cautiously turning red.
Over the past hour, Bitcoin price has dropped by 0.61% to $62,623, while Ethereum price has dropped by 1.09% to $3,358. Is this a temporary pullback and we will go up again soon or was this another fakeout and we will correct strongly again?
That’s the question everyone will be asking now. A pullback to the local bottom of $53,500 seems unlikely, but in Bitcoin you can never rule anything out.
Trade €10,000 for free and get a €10 bonus
Do you want to enter the world of cryptocurrencies and maybe buy Bitcoin or any other cryptocurrency? Then take your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly cryptocurrency exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and get a welcome gift of €10 absolutely free. And that’s not all – you also pay no trading fees on your first €10,000 of transactions. Sign up now!