Bitcoin Price Prediction: BTC Dips to $66,500 Amid Mt. Gox Transfers and Hong Kong ETF News
Bitcoin (BTC) has struggled to maintain its upward momentum. Recently, it lost traction around the $66,560 level, hitting an intra-day low of $66,416. However, an upward trendline suggests a Bitcoin price prediction.
Despite reaching a high of $68,418 yesterday, BTC was unable to sustain its gains and fell below $67,000 by the end of the day. This recent downtrend can be attributed to several factors impacting the crypto market.
Mt. Gox recently transferred 42,587 BTC (valued at $2.85 billion) to an unknown address as part of its ongoing repayment of $9 billion to creditors. This significant transfer contributed to Bitcoin’s fall below $67,000.
Simultaneously, the U.S. government moved 58.74 BTC, worth nearly $4 million, to Coinbase Prime, raising speculation about its purpose.
UPDATE: MT. GOX MOVING $2.85B BTC
Mt. Gox moved a total of $2.85B BTC to new wallets this morning in order to distribute 5110 BTC ($340.1M) BTC to 4 separate Bitstamp addresses.
Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt.… pic.twitter.com/KsKuxMpvZS
— Arkham (@ArkhamIntel) July 23, 2024
These transfers are part of a larger trend in 2024, when the U.S. government transferred 6,261 BTC ($392 million), mostly after price increases. Despite these movements, the government still holds over 213,000 BTC, worth more than $14 billion.
Therefore, the large transfer by Mt. Gox and the U.S. government’s BTC movement contributed to Bitcoin’s decline below $67,000. These significant transactions increased market uncertainty and added downward pressure on BTC prices.
Hong Kong has launched Asia’s first Bitcoin futures inverse ETF, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), which began trading on
