Bitcoin is down today by up to 2.50%, once again testing the $63,000 level after the defunct exchange Mt. Gox made another BTC transfer worth $2.84 billion.
Sentiment in the cryptocurrency market has significantly improved compared to recent weeks. It's worth noting that the catalyst for the 25% drop in Bitcoin was information about the upcoming distribution of funds belonging to clients of the defunct Mt. Gox exchange and the liquidation of assets by the German government.
However, the panic turned out to be somewhat exaggerated. Cryptocurrency investors felt relieved after the German government completely sold off its assets amounting to 42,200 BTC in a short period of about three weeks starting from June 19 this year. The decline in Bitcoin's price was more linked to investor panic than to increased supply or low market liquidity. The German government's assets constituted almost one-third of all reserves slated for distribution by Mt. Gox. The exchange currently holds over 140,000 Bitcoins worth $8.8 billion.
Today's slight correction is caused by additional tranches executed by the Mt. Gox exchange. It is important to remember that these are only distribution transfers to other auxiliary accounts, not direct repayments to clients. On July 5, the Mt. Gox address sent the first tranche of over 47,200 Bitcoins to the Bitbank exchange, which processes creditor repayments. This was the first such transfer since May, and the exchange announced that the repayment would start from July.
Source: xStation 5
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