* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, August 1, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Sens. Blackburn, Warnock introduce CREATE Act to provide tax relief to music creators – Yahoo Home

    Sens. Blackburn and Warnock Launch CREATE Act to Deliver Tax Relief for Music Creators

    That’s (Political) Entertainment: When Theatre Meets Politics

    Future Script: How Generative AI Is Changing Collective Bargaining in the Entertainment Industry – Jackson Lewis

    Future Script: How Generative AI Is Transforming Collective Bargaining in Entertainment

    The SBA’s live-entertainment bailout was supposed to end two years ago. We still don’t know how $1.5 billion was spent. – Yahoo Home

    $1.5 Billion Live-Entertainment Bailout: Two Years Later, Where Did the Money Go?

    Wall Street Bets: Caesars, Golden Entertainment, Churchill Downs, GLPI, Boyd – CDC Gaming

    Top Wall Street Bets: Caesars, Golden Entertainment, Churchill Downs, GLPI, and Boyd Take Center Stage

    Micro wrestling coming to NE Ohio – Cleveland.com

    Get Ready, NE Ohio: Micro Wrestling Is Making Its Exciting Debut!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Cognizant Technology Solutions Corp (CTSH) Q2 2025 Earnings Call Highlights: Strong Revenue … – Yahoo.co

    Cognizant Q2 2025 Earnings: Impressive Revenue Growth and Key Takeaways

    Revving Up The U.S. Technology Engine – Forbes

    Revving Up The U.S. Technology Engine – Forbes

    More than just a hockey player – Rochester Institute of Technology Athletics

    Beyond the Ice: The Inspiring Journey of a Remarkable Athlete from Rochester Institute of Technology

    Smart Logistics in Warehousing – From Legacy Protocols to Green IoT – How Technology Is Reshaping the Sustainable Supply Chain – Logistics Viewpoints –

    Smart Logistics in Warehousing – From Legacy Protocols to Green IoT – How Technology Is Reshaping the Sustainable Supply Chain – Logistics Viewpoints –

    AI’s race in the dark with China – Axios

    The High-Stakes AI Race: Innovation and Competition in the Shadows

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Sens. Blackburn, Warnock introduce CREATE Act to provide tax relief to music creators – Yahoo Home

    Sens. Blackburn and Warnock Launch CREATE Act to Deliver Tax Relief for Music Creators

    That’s (Political) Entertainment: When Theatre Meets Politics

    Future Script: How Generative AI Is Changing Collective Bargaining in the Entertainment Industry – Jackson Lewis

    Future Script: How Generative AI Is Transforming Collective Bargaining in Entertainment

    The SBA’s live-entertainment bailout was supposed to end two years ago. We still don’t know how $1.5 billion was spent. – Yahoo Home

    $1.5 Billion Live-Entertainment Bailout: Two Years Later, Where Did the Money Go?

    Wall Street Bets: Caesars, Golden Entertainment, Churchill Downs, GLPI, Boyd – CDC Gaming

    Top Wall Street Bets: Caesars, Golden Entertainment, Churchill Downs, GLPI, and Boyd Take Center Stage

    Micro wrestling coming to NE Ohio – Cleveland.com

    Get Ready, NE Ohio: Micro Wrestling Is Making Its Exciting Debut!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Cognizant Technology Solutions Corp (CTSH) Q2 2025 Earnings Call Highlights: Strong Revenue … – Yahoo.co

    Cognizant Q2 2025 Earnings: Impressive Revenue Growth and Key Takeaways

    Revving Up The U.S. Technology Engine – Forbes

    Revving Up The U.S. Technology Engine – Forbes

    More than just a hockey player – Rochester Institute of Technology Athletics

    Beyond the Ice: The Inspiring Journey of a Remarkable Athlete from Rochester Institute of Technology

    Smart Logistics in Warehousing – From Legacy Protocols to Green IoT – How Technology Is Reshaping the Sustainable Supply Chain – Logistics Viewpoints –

    Smart Logistics in Warehousing – From Legacy Protocols to Green IoT – How Technology Is Reshaping the Sustainable Supply Chain – Logistics Viewpoints –

    AI’s race in the dark with China – Axios

    The High-Stakes AI Race: Innovation and Competition in the Shadows

    Eagle Unveils Revolutionary X-Ray Technology at Pack Expo

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Bitcoin Plunges to $54,000 as Mt. Gox Moves $2.6 Billion Worth of BTC

July 8, 2024
in Technology
Bitcoin Plunges to $54,000 as Mt. Gox Moves $2.6 Billion Worth of BTC
Share on FacebookShare on Twitter

Bitcoin’s price slumped for the fourth consecutive trading day after Mt. Gox moved a sizable amount of BTC to a new wallet, possibly readying for the proposed repayment.

Bitcoin Plunges to $54,000 as Mt. Gox Moves $2.6 Billion Worth of BTC

 According to CoinMarketCap data, the flagship cryptocurrency dropped by over 4% to $53,600, the lowest level since February 26. This decline could be attributed to fear of potential sell pressure on Bitcoin due to the massive inflow of BTC from Mt. Gox’s repayment.

Mt. Gox Repayments Create Concern Among Investors 

An update from Arkham Intelligence revealed that Mt. Gox moved 47,228 BTC coins worth $2.6 billion from cold storage to a new wallet address at 12:27 AM UTC.

This transfer is likely in preparation for the repayment plan, which will reimburse 140,000 BTC worth $7.73 billion, 143,000 BCH, and the Japanese yen to creditors.

The Mt. Gox transfers have created a bearish response from investors, likely contributing to BTC’s price decline. Some investors believe creditors will be keen on disposing of their BTC tokens, leading to further price decline.

However, the Head of Presto Research, Peter Chung, disagrees with these arguments. According to Chung, the Mt. Gox rehabilitation shifts the supply and demand dynamics of Bitcoin and Bitcoin Cash.

He believes that the selling pressure for Bitcoin Cash will be four times higher than Bitcoin’s. Bitcoiners. Moreover, most Mt. Gox creditors are wealthy and long-term holders; hence, only a fraction of BTC will be sold. 

Conversely, Chung predicts a 100% short-term sellout for Bitcoin Cash. He is optimistic that the repayments scheduled between July 1 and October 31 will only moderately affect prices.

Also, Gargoyle, a seasoned influencer and analyst, analyzed the current state of the crypto market, pointing out some factors responsible for Bitcoin’s downturn. 

Bitcoin Plunges to $54,000 as Mt. Gox Moves $2.6 Billion Worth of BTC

He noted that BTC had lost 20% in the past week, dropping rapidly from $71,000 to $57,000. Gargoyle identified the Mt. Gox repayments as a pressure point on Bitcoin’s price as it will distribute 0.68% of BTC’s total supply among the creditors.

Bitcoin Plunges to $54,000 as Mt. Gox Moves $2.6 Billion Worth of BTC

The analyst also believes outflows from Spot Bitcoin ETFs affected prices since 5% of BTC’s total supply is in the ETFs. Additionally, the Bitcoin halving on April 20 affected miners as some sold BTC tokens to offset operational costs, exerting bearish pressure on Bitcoin.

Bitcoin Plunges to $54,000 as Mt. Gox Moves $2.6 Billion Worth of BTC

Gargoyle also identified the US interest rates as another factor contributing to the bearish market. He highlighted that lower rates make high-risk investments like cryptocurrencies more attractive, but the Fed is unwilling to cut rates. 

Moreover, the German government’s recent sale of 2,700 BTC BTC tokens in the last two weeks adds selling pressure to the market. 

Nevertheless, Gargoyle notes that major investors have refused to sell their BTC despite the bearish factors. Marathon Digital Holdings, the largest miner, has not sold its BTC assets despite its urgent need for capital. 

Meanwhile, according to Santiment data, investors’ interest in buying the dip has increased, signaling a potential trend reversal.

The analyst also identified the US elections as another critical factor in price boosts in the crypto market. If Trump’s pro-crypto stance is victorious, crypto regulations will likely become favorable. Gargoyle concluded his analysis by affirming his belief in Bitcoin as an excellent long-term investment. 

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

The Tech Report - Editorial ProcessOur Editorial Process

The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/bitcoin-plunges-to-54000-as-mt-gox-moves-2-6-billion-worth-of-btc/

Tags: Bitcoinplungestechnology
Previous Post

Coinbase Fights to Access Documents Related to Gensler’s Private Communication

Next Post

Security Researchers Find the Biggest Stolen Password Database With 10 Billion Passwords

‘Enough is enough,’ say Global South bishops in climate letter – U.S. Catholic

Enough is Enough’: Global South Bishops Deliver Urgent Plea for Bold Climate Action

August 1, 2025
Science Central names new executive director – 21Alive

Science Central Welcomes New Executive Director to Lead Exciting Future

August 1, 2025
Citizen Scientists Are Accelerating Ecology Research, Study Suggests – The New York Times

Citizen Scientists Are Accelerating Ecology Research, Study Suggests – The New York Times

August 1, 2025
I tried Beyoncé’s brutal pre-Coachella vegan diet—and here’s the unfiltered truth – VegOut

I tried Beyoncé’s brutal pre-Coachella vegan diet—and here’s the unfiltered truth – VegOut

August 1, 2025
U17 World Wrestling Championships: Day 3 Live Results – United World Wrestling

U17 World Wrestling Championships Day 3: Live Action and Results

August 1, 2025
New GDP data leads Trump to change his mind about blaming Biden for the economy – MSNBC News

New GDP Figures Force Trump to Rethink Blaming Biden for Economic Woes

August 1, 2025
‘Soft summer’ in Las Vegas, says one of Strip’s largest operators – Las Vegas Review-Journal

Las Vegas Braces for a “Soft Summer,” Warns Leading Strip Operator

August 1, 2025
‘Industry turf war’ or ‘public health crisis’? Federal push to regulate kratom fuels debate in California. – Politico

Is California at a Crossroads: Industry Turf War or Urgent Public Health Crisis in the Kratom Debate?

August 1, 2025
Senate bill to ban lawmaker stock trading moves step forward – and Trump turns on Hawley – CNN

Senate Bill to Ban Lawmaker Stock Trading Gains Momentum Amid Trump’s Criticism of Hawley

August 1, 2025
Hungary to Gain Access to Cutting-Edge US Nuclear Technology – Hungarian Conservative

Hungary Poised to Unleash Cutting-Edge US Nuclear Technology

July 31, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (748)
  • Economy (773)
  • Entertainment (21,652)
  • General (16,220)
  • Health (9,810)
  • Lifestyle (781)
  • News (22,149)
  • People (775)
  • Politics (782)
  • Science (15,986)
  • Sports (21,269)
  • Technology (15,751)
  • World (756)

Recent News

‘Enough is enough,’ say Global South bishops in climate letter – U.S. Catholic

Enough is Enough’: Global South Bishops Deliver Urgent Plea for Bold Climate Action

August 1, 2025
Science Central names new executive director – 21Alive

Science Central Welcomes New Executive Director to Lead Exciting Future

August 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version