Mt. Gox Moves BTC From Cold Storage, Bitcoin Price Nosedives as Market Enters Extreme Fear

Mt. Gox moved a huge amount of BTC out of its cold storage, which raised alarms about probable selling pressure approaching the crypto space

Mt. Gox Sold a Large Amount of BTC from Its Cold Storage, Raising Concerns over Selling Pressure

After revealing its rehabilitation plan to repay creditors who lost their BTC in a 2013 hack, Mt. Gox has sold a large amount of BTC from its cold storage. This move has sparked concerns over increasing selling pressure in the crypto market.

As the markets continue to witness a downturn, traders have been expressing their fears, with theịpending doom approaching with each passing day. Now that the Bitcoin price has slipped below crucial support, fresh lows are expected to be achieved in the coming days.

With the markets continuing to witness a downturn, traders have been expressing their fears, with the impending doom approaching with each passing day. Now that the Bitcoin price has slipped below crucial support, fresh lows are expected to be achieved in the coming days.

Mt. Gox Sold a Large Amount of BTC from Its Cold Storage, Raising Concerns over Selling Pressure

After revealing its rehabilitation plan to repay creditors who lost their BTC in a 2013 hack, Mt. Gox has sold a large amount of BTC from its cold storage. This move has sparked concerns over increasing selling pressure in the crypto market.

As the markets continue to witness a downturn, traders have been expressing their fears, with the impending doom approaching with each passing day. Now that the Bitcoin price has slipped below crucial support, fresh lows are expected to be achieved in the coming days.

As a result of the selling pressure, the markets have seen a drastic change in dynamics. The fear among market participants has reached new heights, with Santiment revealing that the markets are recording historic levels of FUD.

According to the data, traders are mentioning “sell” more than “buy” on crypto forums, while the volume among the top 7 BTC ETFs, including GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL, has also seen a drastic decline.

The prevailing negative sentiments and drop in the ETF volume may have compelled the longs to get liquidated, which recorded the highest levels since the FTX collapse.

WhaleWire, a well-known on-chain data provider platform, confirms the second-largest liquidation in Bitcoin history after November 2022. Germany's rounds of selling $3.5 billion worth of seized BTC have also contributed to the downfall, along with Mt. Gox. Has the 2022 bear market been revoked? Will the BTC price lose all the profits gained since Q4 2023?

Now that the markets have fallen into deep trouble, traders may look out for another bear market to begin, as it happened in May 2021. However, a popular analyst, Altcoin Sherpa, still has some hope in the BTC price rally.

The analyst does not see a similar price action as it occurred in 2021. However, he believes that the Bitcoin price may continue to plunge until it hits $50,000 and expects the bulls to halt the bearish trend, initiating a recovery.

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