Recently, some striking activities and happenings in the crypto ecosystem have impacted the overall trend in the crypto market.
Recently, some striking activities and happenings in the crypto ecosystem have impacted the overall trend in the crypto market. Bitcoin has plummeted significantly due to investor confusion triggered by Mt. Gox’s proposed repayments and the German government’s recent sales.
In another development, the South Korean government has rolled out a fresh monitoring system for crypto transactions. This move will enhance its scrutiny of abnormal transactions in the region.
Here are details of the current happenings in crypto and how they’ve impacted market dynamics.BTC Falls to $55,000 Following Mt. Gox’s Transfer Worth $2.7 Billion
The price of Bitcoin plummeted to the $55,000 threshold on the Coinbase crypto exchange. The drastic drop came after Mt. Gox moved about 47,229 BTC tokens from its cold wallet, its first major transaction since May this year.
Current crypto market prices show that the transferred coins are worth almost $2.71 billion. According to reports from the Blockchain intelligent platform Arkham, the transaction occurred on July 5.
This transfer came following the defunct exchange’s plan to repay its creditors starting this July.
