Bitcoin's price has fallen below $68,000 due to Mt. Gox moving billions in BTC, causing concern over potential market impacts. On November 5, 2024, Whales transaction tracker reported that Mt. Gox transferred 32,371 BTC, valued at $2.19 billion, from its cold wallet.
This massive transfer by the now-defunct exchange has led to speculation about Bitcoin's future price trajectory. Analysts are considering whether Bitcoin's price might crash further to $65,400 or see a reversal to $73,800.
The movement of such a significant amount of BTC from Mt. Gox raises fears of market instability, highlighting the influence of large BTC holders on Bitcoin's market dynamics.
