The leading cryptocurrency dropped 6.5% to $54,450.0 by 04:01 ET, reaching its lowest point since February. It initially fell below $54,000 before briefly recovering.The marked decline in Bitcoin comes after Mt. Gox, the defunct crypto exchange that was once the world’s largest, transferred a significant amount of BTC to a new wallet, likely in preparation for creditor repayments.
At 00:27 UTC, Mt. Gox moved 47,228 BTC, worth $2.6 billion, from cold storage to a new wallet, as reported by blockchain analytics firm Arkham Intelligence. The exchange is preparing to distribute assets stolen from clients during the 2014 hack. This move led to over $580 million in liquidations tied to long positions, marking one of the largest such events this year. Bullish bets on Bitcoin and Ether together suffered losses exceeding $380 million.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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