Is Mt.Gox or Whales Responsible for Bitcoin’s Recent Decline, or Is It Just a Coincidence?
Bitcoin, which had been on the rise at the start of July, has taken a downward turn over the past three days, dropping to $59,600. The cause of this decline remains uncertain, with some analysts attributing the drop to Mt. Gox’s repayment of $9 billion and others pointing to the significant sales made by large Bitcoin holders, known as whales.
Lookonchain reported that a whale deposited 1,023 BTC worth $62.2 million to Binance in the last few hours, followed by an additional 1,723 BTC worth $106 million in the past 24 hours. These deposits were immediately followed by a 3.8% drop in Bitcoin’s price.
Furthermore, a user named Zaheer revealed that an unidentified whale sold $180 million worth of Bitcoin in just three minutes. Such large and rapid sales by whales can have a significant impact on Bitcoin’s price.
In addition to these whale transactions, the recent decline in Bitcoin is also believed to be linked to Mt. Gox’s distribution of BTC and Bitcoin Cash (BCH) as part of their refunds to victims. Mt. Gox had previously announced that they would begin these refunds in the first week of July, distributing 140 thousand BTC and BCH worth $9 billion.
As Bitcoin continues to trade at $60,197, it remains to be seen how these factors will continue to influence its price in the coming days.
