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Defunct cryptocurrency exchange Mt. Gox has moved 47,228 bitcoins worth about $2.7 billion from cold storage to a new wallet address as fears of a sell-off helped trigger a cryptocurrency crash.
Fear, uncertainty and doubt (FUD) on social media is at “all-time highs,” says Santiment x.com/santimentfeed/status/1809070048805597612″ target=”_blank” rel=”noopener”>sayingwhile bitcoin plummeted to a four-month low. The global cryptocurrency market capitalization plunged 9% to below $2 trillion.
Mt. Gox begins distributing bitcoin
Mt. Gox’s rehabilitation trustee plans to distribute $9 billion worth of bitcoin to creditors by October. On-chain data shows the first batch of repayments are already underway following a transfer of 2,702 btc, worth over $148 million, to the Bitbank exchange.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.1496062992126″>
25 minutes ago, twitter.com/hashtag/Mt_Gox?src=hash&ref_src=twsrc%5Etfw”>#Mt_Gox transferred 2,702 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc (~$148.44 million) to twitter.com/hashtag/Bitbank?src=hash&ref_src=twsrc%5Etfw”>#Bitbank.
twitter.com/hashtag/Bitbank?src=hash&ref_src=twsrc%5Etfw”>#Bitbank is one of the exchanges listed to support Mt Gox refunds.
ADDRESS:https://t.co/3KqaREgFtq image.twitter.com/lK3QcfI84f
— The Data Nerd (@OnchainDataNerd) twitter.com/OnchainDataNerd/status/1809086593367748758?ref_src=twsrc%5Etfw”>July 5, 2024
Some Mt. Gox creditors on Reddit have also confirmed that their exchange accounts have received funds. Fears of a sell-off have not only affected bitcoin but also altcoins.
ethereum fell 9% to around $2,800, while BNB and Solana fell 11% and 6% respectively. Dogecoin is one of the hardest hit cryptocurrencies, down more than 14%.
The cryptocurrency crash caused more than $600 million to be liquidated from the market in the past 24 hours, according to Glass of coinsThat is the highest level since the FTX crash in November 2022.
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