Mt. Gox moves $784M in Bitcoin as BTC struggles to hold $60K

Mt. Gox, the infamous crypto exchange that has been at the center of one of the largest Bitcoin (CRYPTO:BTC) scandals in history, recently moved a significant amount of Bitcoin as part of its ongoing repayment process.

In the latest development, the exchange transferred 13,265 Bitcoins, equivalent to approximately $784 million, to two unknown wallets.

This move comes shortly after Mt. Gox had previously transferred $2 billion worth of Bitcoin to the crypto exchange BitGo.

The recent transfer is part of the exchange's efforts to repay its creditors, with the total amount of Bitcoin moved in July alone reaching 95,523 BTC, valued at around $6.14 billion.

Despite these massive transfers, Mt. Gox still holds over 46,000 BTC, worth approximately $2.74 billion, which are expected to be used for further repayments.

The exchange is anticipated to complete its repayment process by the end of this year.

However, the movement of such a large amount of Bitcoin has raised concerns in the market, particularly as Bitcoin struggles to maintain its critical support level of $60,000.

The price of BTC has seen a 2.5% drop, falling to $59,323, with the cryptocurrency trading within a range of $50,000 to $60,000 over the past month.

This decline has been accompanied by increased market volatility, leaving investors on edge.

The market is currently focused on the upcoming Federal Open Market Committee (FOMC) meeting, where investors hope for indications of possible interest rate cuts by the Federal Reserve.

A positive outcome from the meeting could potentially bolster Bitcoin's price, but for now, the pressure remains on BTC to hold above the $60,000 resistance level.

Adding to the complexity, Bitcoin whales have been actively accumulating during the recent price dips.

According to blockchain analytics firm Santiment, whale wallets holding between 100 and 1,000 BTC have accumulated nearly 100,000 coins over the past six weeks.

This accumulation suggests that despite the recent price struggles, there is still strong confidence in Bitcoin's long-term potential.

The coming days will be critical for Bitcoin as it faces the dual challenges of maintaining key support levels and navigating the broader market's reaction to potential economic shifts signaled by the Federal Reserve.

At press time, Bitcoin is priced at $59,673.61.