Assets moves from Mt. Gox have historically been associated with significant BTC price drops. This is due to the fear of potential market sell-offs by the trustee, which could lead to a decrease in market sentiment and investor confidence.
The value of Bitcoin on Coinbase dropped to its lowest level in four months, reaching $53,499, after news broke of Mt. Gox’s recent transfer from their cold wallet.
At around 4:19 am UTC on July 5, Bitcoin saw a significant decrease of around 7.4% from its previous level of $54,167, according to TradingView.
As reported by CoinGlass, over the past 24 hours, cryptocurrency liquidations have reached a high of $664.5 million, the highest in two months. Currently, Bitcoin has slightly rebounded to $54,300, but it is still down by about 7.4% in the last 24 hours.
Other popular cryptocurrencies like Ether and Solana also saw a drop of almost 10% on the same day. ETH fell below its key level of $3,000, trading at $2,902 according to Cointelegraph Markets Pro.
