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Bitcoin Bitcoin (BTC) $119,012.31 ↑ 0.75%
Ethereum Ethereum (ETH) $3,848.23 ↑ 2.73%
XRP XRP (XRP) $3.21 ↑ 0.99%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.01%
BNB BNB (BNB) $827.61 ↑ 5.70%
Solana Solana (SOL) $188.09 ↑ 1.06%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.85%
TRON TRON (TRX) $0.32 ↑ 1.16%
Cardano Cardano (ADA) $0.83 ↑ 0.15%
Sui Sui (SUI) $4.34 ↑ 3.44%
Hyperliquid Hyperliquid (HYPE) $44.17 ↑ 0.75%
Stellar Stellar (XLM) $0.44 ↑ 0.51%
Chainlink Chainlink (LINK) $19.04 ↑ 3.06%
Hedera Hedera (HBAR) $0.29 ↑ 2.10%
Bitcoin Cash Bitcoin Cash (BCH) $603.80 ↑ 7.78%
Avalanche Avalanche (AVAX) $25.43 ↓ -0.27%
Litecoin Litecoin (LTC) $114.39 ↓ -0.42%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -0.05%
Toncoin Toncoin (TON) $3.36 ↑ 1.31%
UNUS SED LEO UNUS SED LEO (LEO) $8.96 ↓ -0.21%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.01%
Uniswap Uniswap (UNI) $10.77 ↑ 2.05%
Polkadot Polkadot (DOT) $4.19 ↑ 0.38%
Monero Monero (XMR) $322.07 ↓ -0.10%
Bitget Token Bitget Token (BGB) $4.61 ↑ 1.49%
Dai Dai (DAI) $1.00 ↑ 0.00%
Pepe Pepe (PEPE) $0.00 ↑ 0.78%
Aave Aave (AAVE) $299.92 ↑ 0.97%
Cronos Cronos (CRO) $0.14 ↓ -2.15%
Ethena Ethena (ENA) $0.68 ↑ 13.81%
Bittensor Bittensor (TAO) $430.61 ↑ 0.28%
NEAR Protocol NEAR Protocol (NEAR) $2.92 ↓ -0.25%
Ethereum Classic Ethereum Classic (ETC) $23.09 ↑ 0.77%
Pi Pi (PI) $0.44 ↑ 0.07%
Ondo Ondo (ONDO) $1.05 ↓ -0.05%
Aptos Aptos (APT) $4.87 ↑ 0.59%
Internet Computer Internet Computer (ICP) $5.73 ↓ -0.19%
OKB OKB (OKB) $48.50 ↑ 0.58%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 7.41%
Kaspa Kaspa (KAS) $0.11 ↑ 6.57%
Mantle Mantle (MNT) $0.82 ↑ 3.55%
Bonk Bonk (BONK) $0.00 ↑ 0.20%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 0.55%
Algorand Algorand (ALGO) $0.28 ↑ 2.15%
Arbitrum Arbitrum (ARB) $0.45 ↓ -0.12%
VeChain VeChain (VET) $0.03 ↓ -0.10%
Render Render (RENDER) $4.31 ↑ 1.09%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.01%
GateToken GateToken (GT) $17.95 ↑ 1.22%
Worldcoin Worldcoin (WLD) $1.20 ↑ 1.80%
Sky Sky (SKY) $0.10 ↑ 1.99%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.30 ↑ 0.42%
Sei Sei (SEI) $0.34 ↓ -0.51%
SPX6900 SPX6900 (SPX) $2.10 ↑ 5.55%
Cosmos Cosmos (ATOM) $4.82 ↑ 0.46%
Filecoin Filecoin (FIL) $2.72 ↑ 1.21%
Jupiter Jupiter (JUP) $0.59 ↑ 6.37%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↓ -0.23%
Flare Flare (FLR) $0.02 ↑ 4.06%
Story Story (IP) $5.45 ↓ -1.27%
Quant Quant (QNT) $127.97 ↑ 4.88%
Injective Injective (INJ) $15.34 ↑ 4.88%
KuCoin Token KuCoin Token (KCS) $11.52 ↓ -0.99%
Celestia Celestia (TIA) $2.01 ↑ 2.38%
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First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.03%
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Stacks Stacks (STX) $0.84 ↑ 3.37%
Four Four (FORM) $3.51 ↑ 3.60%
Optimism Optimism (OP) $0.73 ↓ -0.06%
FLOKI FLOKI (FLOKI) $0.00 ↑ 0.25%
Ethereum Name Service Ethereum Name Service (ENS) $31.06 ↑ 2.82%
Immutable Immutable (IMX) $0.60 ↑ 3.96%
dogwifhat dogwifhat (WIF) $1.11 ↑ 2.78%
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Kaia Kaia (KAIA) $0.17 ↑ 1.54%
Lido DAO Lido DAO (LDO) $1.13 ↑ 3.31%
Sonic Sonic (S) $0.34 ↓ -0.19%
Conflux Conflux (CFX) $0.19 ↓ -0.08%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -7.87%
Tezos Tezos (XTZ) $0.90 ↓ -0.45%
PAX Gold PAX Gold (PAXG) $3,352.11 ↓ -0.06%
Vaulta Vaulta (A) $0.58 ↑ 0.67%
Theta Network Theta Network (THETA) $0.91 ↑ 1.21%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.03%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 0.64%
IOTA IOTA (IOTA) $0.22 ↑ 2.65%
Nexo Nexo (NEXO) $1.31 ↑ 0.20%
Raydium Raydium (RAY) $3.14 ↑ 2.51%
Tether Gold Tether Gold (XAUt) $3,343.94 ↓ -0.06%
Gala Gala (GALA) $0.02 ↑ 0.52%
The Sandbox The Sandbox (SAND) $0.32 ↑ 1.59%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 3.48%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↑ 0.51%
Pendle Pendle (PENDLE) $4.44 ↑ 0.08%
Jito Jito (JTO) $2.02 ↑ 0.81%
Bitcoin Bitcoin (BTC) $119,012.31 ↑ 0.75%
Ethereum Ethereum (ETH) $3,848.23 ↑ 2.73%
XRP XRP (XRP) $3.21 ↑ 0.99%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.01%
BNB BNB (BNB) $827.61 ↑ 5.70%
Solana Solana (SOL) $188.09 ↑ 1.06%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.85%
TRON TRON (TRX) $0.32 ↑ 1.16%
Cardano Cardano (ADA) $0.83 ↑ 0.15%
Sui Sui (SUI) $4.34 ↑ 3.44%
Hyperliquid Hyperliquid (HYPE) $44.17 ↑ 0.75%
Stellar Stellar (XLM) $0.44 ↑ 0.51%
Chainlink Chainlink (LINK) $19.04 ↑ 3.06%
Hedera Hedera (HBAR) $0.29 ↑ 2.10%
Bitcoin Cash Bitcoin Cash (BCH) $603.80 ↑ 7.78%
Avalanche Avalanche (AVAX) $25.43 ↓ -0.27%
Litecoin Litecoin (LTC) $114.39 ↓ -0.42%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -0.05%
Toncoin Toncoin (TON) $3.36 ↑ 1.31%
UNUS SED LEO UNUS SED LEO (LEO) $8.96 ↓ -0.21%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.01%
Uniswap Uniswap (UNI) $10.77 ↑ 2.05%
Polkadot Polkadot (DOT) $4.19 ↑ 0.38%
Monero Monero (XMR) $322.07 ↓ -0.10%
Bitget Token Bitget Token (BGB) $4.61 ↑ 1.49%
Dai Dai (DAI) $1.00 ↑ 0.00%
Pepe Pepe (PEPE) $0.00 ↑ 0.78%
Aave Aave (AAVE) $299.92 ↑ 0.97%
Cronos Cronos (CRO) $0.14 ↓ -2.15%
Ethena Ethena (ENA) $0.68 ↑ 13.81%
Bittensor Bittensor (TAO) $430.61 ↑ 0.28%
NEAR Protocol NEAR Protocol (NEAR) $2.92 ↓ -0.25%
Ethereum Classic Ethereum Classic (ETC) $23.09 ↑ 0.77%
Pi Pi (PI) $0.44 ↑ 0.07%
Ondo Ondo (ONDO) $1.05 ↓ -0.05%
Aptos Aptos (APT) $4.87 ↑ 0.59%
Internet Computer Internet Computer (ICP) $5.73 ↓ -0.19%
OKB OKB (OKB) $48.50 ↑ 0.58%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 7.41%
Kaspa Kaspa (KAS) $0.11 ↑ 6.57%
Mantle Mantle (MNT) $0.82 ↑ 3.55%
Bonk Bonk (BONK) $0.00 ↑ 0.20%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↑ 0.55%
Algorand Algorand (ALGO) $0.28 ↑ 2.15%
Arbitrum Arbitrum (ARB) $0.45 ↓ -0.12%
VeChain VeChain (VET) $0.03 ↓ -0.10%
Render Render (RENDER) $4.31 ↑ 1.09%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.01%
GateToken GateToken (GT) $17.95 ↑ 1.22%
Worldcoin Worldcoin (WLD) $1.20 ↑ 1.80%
Sky Sky (SKY) $0.10 ↑ 1.99%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.30 ↑ 0.42%
Sei Sei (SEI) $0.34 ↓ -0.51%
SPX6900 SPX6900 (SPX) $2.10 ↑ 5.55%
Cosmos Cosmos (ATOM) $4.82 ↑ 0.46%
Filecoin Filecoin (FIL) $2.72 ↑ 1.21%
Jupiter Jupiter (JUP) $0.59 ↑ 6.37%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.74 ↓ -0.23%
Flare Flare (FLR) $0.02 ↑ 4.06%
Story Story (IP) $5.45 ↓ -1.27%
Quant Quant (QNT) $127.97 ↑ 4.88%
Injective Injective (INJ) $15.34 ↑ 4.88%
KuCoin Token KuCoin Token (KCS) $11.52 ↓ -0.99%
Celestia Celestia (TIA) $2.01 ↑ 2.38%
XDC Network XDC Network (XDC) $0.09 ↑ 0.22%
Curve DAO Token Curve DAO Token (CRV) $1.06 ↓ -1.13%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.03%
Fartcoin Fartcoin (FARTCOIN) $1.37 ↑ 2.03%
Stacks Stacks (STX) $0.84 ↑ 3.37%
Four Four (FORM) $3.51 ↑ 3.60%
Optimism Optimism (OP) $0.73 ↓ -0.06%
FLOKI FLOKI (FLOKI) $0.00 ↑ 0.25%
Ethereum Name Service Ethereum Name Service (ENS) $31.06 ↑ 2.82%
Immutable Immutable (IMX) $0.60 ↑ 3.96%
dogwifhat dogwifhat (WIF) $1.11 ↑ 2.78%
The Graph The Graph (GRT) $0.11 ↑ 2.87%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.59 ↑ 0.21%
PancakeSwap PancakeSwap (CAKE) $3.00 ↑ 7.88%
Kaia Kaia (KAIA) $0.17 ↑ 1.54%
Lido DAO Lido DAO (LDO) $1.13 ↑ 3.31%
Sonic Sonic (S) $0.34 ↓ -0.19%
Conflux Conflux (CFX) $0.19 ↓ -0.08%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -7.87%
Tezos Tezos (XTZ) $0.90 ↓ -0.45%
PAX Gold PAX Gold (PAXG) $3,352.11 ↓ -0.06%
Vaulta Vaulta (A) $0.58 ↑ 0.67%
Theta Network Theta Network (THETA) $0.91 ↑ 1.21%
PayPal USD PayPal USD (PYUSD) $1.00 ↓ -0.03%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 0.64%
IOTA IOTA (IOTA) $0.22 ↑ 2.65%
Nexo Nexo (NEXO) $1.31 ↑ 0.20%
Raydium Raydium (RAY) $3.14 ↑ 2.51%
Tether Gold Tether Gold (XAUt) $3,343.94 ↓ -0.06%
Gala Gala (GALA) $0.02 ↑ 0.52%
The Sandbox The Sandbox (SAND) $0.32 ↑ 1.59%
Pyth Network Pyth Network (PYTH) $0.14 ↑ 3.48%
Aerodrome Finance Aerodrome Finance (AERO) $0.90 ↑ 0.51%
Pendle Pendle (PENDLE) $4.44 ↑ 0.08%
Jito Jito (JTO) $2.02 ↑ 0.81%
Home Cryptocurrency

Mt. Gox Payout Suspected as Overbought Bitcoin Price Drops Below $64K

Tom Nyarunda by Tom Nyarunda
1 October 2024
in Cryptocurrency, Business, News
Reading Time: 3 mins read
0
Overbought Bitcoin causes price to crumble

Mt. Gox Payout Suspected as Overbought Bitcoin Price Drops Below $64K

Activities surrounding the Mt. Gox payout in recent weeks could be among a combination of factors leading to an overbought Bitcoin, culminating in the digital asset’s price dropping below $64K. The price decline also affected the broader crypto market, as Bitcoin’s price lost 3% of its value in 24 hours and at least $1000 within an hour alone.

After several years of waiting, cryptocurrency exchange Mt. Gox emptied four of its wallets in a much-anticipated payout after receiving $370K worth of Bitcoin from Kraken exchange. Experts believe the transfers of assets to crypto exchanges to facilitate repayment of creditors impacted the supply-demand trends, leading to an overbought Bitcoin due to oversupply.

Table of Contents

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    • Momentum Builds: 3 Top Cryptos in July 2025 Every Investor Should Have on Their Radar
  • Seeds Planted in June
  • Blamed a Bug within the Framework
  • Facing Solid Headwinds

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Overbought Bitcoin affects crypto prices

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Seeds Planted in June

 

According to Arkham Intelligence, Mt. Gox exchange has 44,905 Bitcoin worth over $2.82 billion at the current BTC price. The fear of an oversupply caused by the Mt. Gox payout has materialized as the recipients went on to cash out. The cost of Bitcoin was $600 when cryptocurrency exchange Mt. Gox collapsed in 2014 compared to today’s price range of between $63,000 and $65,000.  The Surge in sell orders across the crypto exchange landscape could also have overshadowed the demand for US BTC-Spot ETF demand.

 

According to 10x Research, the fall in the price of Bitcoin replicates a typical bull market due to overbought conditions. 10X Research founder Markus Thielen opines that his firm warned of an overbought Bitcoin in the short term a few days ago. He stated that it was only apparent to expect bearish short-term reversal signals, creating a pull-back situation that could last several days.

 

Thielen believes the seeds of the bearish trend leading to Bitcoin below $64k were planted in June when the United States ISM manufacturing data was released. This suggests the ongoing decline was consistent with a pattern typically characterized by at least a 10% price sell-off. According to Thielen, the release of the September report expected this week will prove that manufacturing activities declined during the last month of the third quarter.

Overbought Bitcoin the result of Mt. Gox payout

Blamed a Bug within the Framework

 

Launched in 2009 by Jed McCaleb, an American software hacker, Mt. Gox (the short form of “Magic: The Gathering Online Exchange) started as a site where people could trade cards in a game called “Magic: The Gathering.”  The site soon transformed into the world’s leading cryptocurrency exchange. However, Mt. Gox collapsed in February 2014 following a series of heists where over 950,000 Bitcoins disappeared. The exchange’s directors blamed the disappearance of such a large amount of customer funds on a bug within the exchange’s framework.

 

At least 140,000 from the missing Bitcoin stash was recovered after Mt. Gox filed for bankruptcy protection, meaning that close to $9 billion worth of Bitcoin would be returned to owners. At the time of the exchange’s collapse, Bitcoin was retailing at $600 compared to $64,000 today, an increase of close to 10,000%. In July 2024, Data from Arkham Intelligence showed the exchange had moved billions of dollars worth of Bitcoin from its cryptocurrency wallets in preparation for the upcoming Mt. Gox payout.  Arkham investment suggested that over 47,000 Bitcoin had been moved from the Mt. Gox wallet.

 

Facing Solid Headwinds

 

The Arkham Investment report revealed that the exchange sent at least $84.9 million to BitBank. This Japan-based cryptocurrency exchange was listed among the platforms that would be used to facilitate the Mt. Gox payout. The report indicated that the exchange sent a further $63.6 million to an undisclosed counterparty, which they believe was also a listed repayments exchange.

 

While it’s still unclear how the world’s largest cryptocurrency exchange fell almost overnight a decade ago, it remains ironic that the collapse happened when Bitcoin began gaining popularity among the broader public.  An overbought Bitcoin has created an unprecedented down note to one of September’s biggest price rallies, thereby undercutting the notion that September has always been a bullish month for cryptocurrencies.  What started a Strong September seems to have ended with BTC facing solid headwinds, and investors can only hope that the tide will turn during Q4 2024 to bring better returns.

Tags: bitcoinBitcoin bull runBitcoin priceMt. Gox payoutMt. Gox Transfers
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Tom Nyarunda

Tom Nyarunda

Tom Nyarunda is a writer with in-depth knowledge of blockchain, cryptocurrency, NFTs, and SaaS. Based in Kenya, Tom has devoted his time to the study of Bitcoin and cryptocurrency, as he believes them to be incorruptible products of the future.

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