Bitcoin falls amid concerns over Mt. Gox-linked sales

Bitcoin fell as traders monitored wallet transfers from the failed Mt. Gox exchange, whose administrators are working to return a $9 billion hoard to creditors, Bloomberg reported on Tuesday.

The cryptocurrency dropped up to 3.1 per cent, trading around $67,800 at 2:35 pm Tuesday in Singapore, affecting smaller coins, including Ether.

Over 107,000 Bitcoin worth more than $7.2 billion moved out of Mt. Gox wallets early Tuesday, according to CryptoQuant and Arkham Intelligence. Mt. Gox, once the largest bitcoin exchange, was hacked in 2011 and went bankrupt in 2014.

Creditors are expected to receive payments by October 31, but the potential sell-off of tokens could pressure bitcoin prices.

The recent movements, the first since May 2018, with Mt. Gox previously holding about 137,892 bitcoin, also saw bitcoin Cash drop up to 5 per cent.

Caroline Bowler, CEO of BTC Markets, stated that these movements would have only a short-term impact.

Bitcoin, which has quadrupled since early 2022,reaching a record of $73,798 in March, continues to be influenced by broader market trends and regulatory support in the US.