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Following a massive transfer of Bitcoin (CRYPTO: BTC) by the defunct exchange Mt. Gox, the world’s largest cryptocurrency briefly fell under $63,000 in Tuesday’s Asian trading session but has since rallied into the New York open.
What Happened: According to CoinDesk, an initial transfer of 0.021 BTC ($1,000) to a blockchain address was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet. This activity, tracked by Arkham Intelligence, is likely connected to Mt. Gox’s repayment plan. Crypto exchange Kraken has confirmed receiving funds and plans to distribute them over the next two weeks.
Mt. Gox, once the largest bitcoin exchange, collapsed in 2014 after losing a substantial amount of bitcoin in a hack. The exchange started repaying its debt on July 4, raising concerns about potential mass selling by creditors.
See Also: Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid
Why It Matters: The volatile price action comes after Todd Gordon, founder of Inside Edge Capital, predicted that Bitcoin could surpass $100,000 this year, driven by the formation of a pro-crypto Republican presidential ticket featuring Donald Trump and J.D. Vance.
However, analysts have cautioned that Bitcoin’s recent rallies may be short-lived. According to Bitfinex analysts, while Bitcoin breached the $64,000 level for the first time in over three weeks, the positive momentum might not sustain. They advised closely monitoring the situation before drawing any firm conclusions.
Bitcoin’s rebound has garnered attention from notable figures in the tech industry. Michael Dell, founder of Dell Technologies Inc. (NYSE:DELL), recently called Bitcoin “fascinating” in response to BlackRock CEO Larry Fink's bullish stance on the cryptocurrency. Dell's comments echo growing interest and recognition of Bitcoin as a legitimate financial instrument among influential tech leaders.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
