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The world’s largest cryptocurrency is staging a sudden decline as massive amounts of Bitcoin got moving today. Two mammoth-sized Bitcoin chunks hit the market, causing panic and reversing BTC, shutting down its recently resumed rise.
These transactions were initiated by no-longer-functional early Bitcoin exchange Mt. Gox.
Bitcoin reacts to Mt. Gox BTC transfers
The Bitcoin price immediately reacted as the Mt. Gox wallet began to transfer billions of U.S. dollars worth of BTC today. So far, the former leading cryptocurrency exchange has transferred nearly $6 billion in two transactions to a new wallet.
Everybody believes that the platform is preparing to start its reimbursement payouts to creditors, who suffered from the massive loss of funds during the long-running Mt. Gox hack that was not noticed until 2014.
Earlier today, prominent cryptocurrency transaction tracker Whale Alert spotted two transfers, which moved 48,641 BTC and 44,000 BTC. They were the equivalents of $3,061,354,870 and $2,806,815,549, comprising together $5,868,170,419.
Reacting to these gigantic transfers, the BTC price plunged by approximately 4%, losing the recently regained $65,000 level and going back to the $62,320 zone. By now, however, Bitcoin has shown a slight reverse, regaining 1.6%. As of this writing, the world’s flagship cryptocurrency is changing hands at $63,530.
Yuri MolchanBitcoin never to return under $60,000, Samson Mow believes
Earlier this week, Jan3 CEO and vocal Bitcoin supporter Samson Mow doubled down on his recent super-bullish Bitcoin price prediction. The Bitcoiner believes that BTC will never go back under the $60,000 level again. He urged the global BTC community to “say goodbye to sub $0.06M Bitcoin forever.”
Samson Mow believes that no matter how much Bitcoin is being sold now, the cryptocurrency market will absorb it all. In his earlier tweets published during the BTC sell-off that preceded the current price reverse, he wrote that Bitfinex whales were actively buying Bitcoin that was being dumped by paper hands.
Overall, Mow is one of those Bitcoiners who believes that BTC is heading toward the $1 million mark, slowly but surely, as they say. The Jan3 CEO, in particular, has predicted that Bitcoin can reach $1 million as soon as the end of the next year. Even if not in 2025, he said, then it will still happen soon anyway.
Tomiwabold Olajide
Denys Serhiichuk