Bitcoin Price Unfazed by Massive Mt. Gox Wallet Activity
Bitcoin held steady near $88,000 even as roughly $1 billion worth of BTC was quietly moved from the defunct Japanese exchange Mt Gox.
Mt Gox Moves $1 Billion Worth of Bitcoin
Some 11,501 bitcoins were quietly shuffled around Tuesday morning from Mt Gox, which filed for bankruptcy in 2014, but the activity, which could have depressed the price of BTC, appeared instead to have little impact. The dominant cryptocurrency is trading at $88,040 at the time of reporting, down slightly by 0.26% over the past 24 hours but still maintaining a 7.50% gain over the past week. In fact, BTC remains near its weekly highs, with a 24-hour trading range of $86,346 to $88,538.
(BTC price / Trading View)
Market Metrics Show Mixed Signals
Bitcoin’s 24-hour trading volume has increased by 8.69% to $30.91 billion, with market capitalization at $1.74 trillion, reflecting a slight 0.04% increase since yesterday. Meanwhile, bitcoin’s dominance in the crypto market, according to Trading View, has inched up 0.06% to 61.61%, suggesting its continued stronghold over alternative digital assets.
(BTC dominance / Tradingview)
On the derivatives front, total BTC futures open interest has declined by 2.70% to $56.91 billion, indicating a reduction in leveraged positions. Liquidation data from Coinglass shows that $38.32 million worth of BTC positions were liquidated over the past 24 hours, with long liquidations at $22.77 million and short liquidations at $15.54 million. This suggests relatively balanced trading activity without significant market panic.
World Liberty Financial (WLFI) Launches Stablecoin
World Liberty Financial (WLFI), a crypto initiative backed by U.S. President Donald Trump, has announced plans to launch a USD stablecoin called “USD1.” WLFI, which positions itself as a decentralized finance (DeFi) protocol and governance platform, recently raised $550 million through two separate token sales.
While the announcement has sparked interest in the crypto community, bitcoin’s price remains largely unaffected by the news.
Bitcoin Price Outlook
With bitcoin holding steady despite major market events, the near-term outlook remains cautiously optimistic. Increased trading volume and growing investor interest suggest that BTC could maintain its current trajectory. However, market participants should remain vigilant, as future developments, including Mt. Gox creditor distributions and potential regulatory updates, could introduce volatility.