Mt. Gox still holds 46,164 bitcoins valued at $2.74 billion, with expectations of completing repayments by year-end.
Within the past 24 hours, the cryptocurrency exchange Mt. Gox has once again transferred a whopping 13,265 bitcoins worth a stunning $784 million to two wallets that are unknown to the public.
This information comes from the most recent on-chain developments. At the same time, the bulls have failed to maintain the important price support of $60,000 for Bitcoin over the past few hours.
Mt. Gox Bitcoin Repayment Continues
It has been one week after the cryptocurrency exchange Mt. Gox transferred $2 billion worth of Bitcoins to the cryptocurrency exchange BitGo. Subsequently, it transferred an additional $784 million worth of Bitcoins to two unidentified wallets.
A total of $79.44 million worth of Bitcoin was transferred from the defunct exchange to the wallet address “1PuQB…nWhTb,” and another $74.77 million worth of Bitcoin was sent to the address “1Jbez…LAPs6.”
This information comes from arkham intelligence. Transferring these Bitcoins to exchange addresses for repayment is possible. During the final month of July, the defunct exchange sent 95,523 Bitcoins with an astounding value of $6.14 billion to other cryptocurrency exchanges such as BitGo, Kraken, Bitstamp, and others for the purpose of repayment.
Despite the ongoing transactions, Mt. Gox still holds 46,164 Bitcoins, valued at $2.74 billion at the current Bitcoin price. Past reports predict that the Japanese exchange will complete the payback process by the end of this year.
The price of bitcoin continued to fall by 2.5%, reaching $59,323, making it difficult for bulls of the cryptocurrency to keep it above $60,000. Over the past month, the price of Bitcoin has fluctuated between $50,000 and $60,000 on the market.
BTC Faces Rejection at $60,000
Given the imminent end of the Bitcoin miner capitulation, investors are optimistic about a potential rally following the depletion of half of the Bitcoin supply. Bitcoin whales, on the other hand, have continued to accumulate despite the current price declines.
According to a report by Santiment, a blockchain analytics company, Bitcoin whale wallets that hold anywhere from 100 to 1,000 BTC have amassed approximately 100,000 coins over the course of the past six weeks.
Nevertheless, in order for Bitcoin to enter the subsequent phase of the rally, it must maintain its position above the resistance level of $60,000. The Federal Open Market Committee (FOMC) will meet on Wednesday, followed by a speech by Jerome Powell.
Investors have been watching with bated breath for any indications that the Federal Reserve will begin reducing interest rates in September.
