Selling pressure associated with the collapsed cryptocurrency exchange Mt. Gox has caused cryptocurrencies to decline over the past few hours, led by Bitcoin.
Early Wednesday, an exchange-linked address transferred 13,265 bitcoins, worth $784 million, of which 12,000 bitcoins went to an address identified as ‘1PuQB’, according to data tracking platform Arkham Intelligence.
Meanwhile, the remaining coins were moved to the address ‘1Jbez’. However, the bankrupt exchange still holds more than 46,000 bitcoins.
Compensation from MTJUX creditors has been a prominent reason for the downward pressure on the price of Bitcoin this summer. Bitcoin is now down 2.2% in the last 24 hours, hitting $59,425. Ethereum is down about 2.5% in the last 24 hours to $2,588.
On the other hand, Binance Coin is down 2%, while Solana is down more than 3% in the last 24 hours. Litecoin has fallen 5.5% in the past 24 hours, hitting $62.54.
On the flip side, the TRX is up 12% to $1.646.
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Strong selling pressure
The Tokyo-based exchange ceased operations in 2014 after a series of cyber robberies lost between 650,000 bitcoins and 950,000 units of currency, or more than $58 billion, at current prices.
The bankruptcy oversight committee of Japan’s collapsed cryptocurrency exchange MTJox reported early last month that the process of distributing some of the nearly 20,000 creditors’ rights would begin in July, putting Bitcoin and cryptocurrencies down.
The judicially appointed committee said the redemption process will take place across a combination of Bitcoin and Bitcoin Cash, which is an initial issuance of the largest cryptocurrency by market capitalization.
The total value of the tokens to be returned is about $9 billion, which has raised investors’ concerns about the decline in the currency as a result of more supply injected into the market.
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