Bitcoin Price Yields to Mt Gox Giant Transactions with Sudden Fall

U.Today - 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

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.

Bitcoin never to return under $60,000, Samson Mow believes

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.

This article was originally published on U.Today