BTC Price Drop As Mt.Gox Move $2 Billion

On Wednesday, Bitcoin's price briefly dipped below $66,000 following news of a significant BTC transfer from the defunct crypto exchange Mt. Gox. On July 30, Mt. Gox's estate moved nearly 34,000 Bitcoin, worth approximately $2.25 billion, to a new wallet, indicating possible repayment to creditors from the exchange that collapsed in 2014.

 
Data from Arkham Intelligence shows the 33,963 BTC are still in the new wallet. While it's unclear if the funds are heading to an exchange or being reallocated internally, Bitcoin’s price dropped to $65,400 before recovering above $66,000.

Speculation continues on how these transfers might affect Bitcoin's market, especially given the recent trend of limited sell-side pressure. According to a Glassnode report, of the 142,000 BTC recovered from Mt. Gox, around 59,000 have already been distributed via Kraken and Bitstamp, with the market impact being relatively contained so far, as Bitcoin’s price remains above $60,000.

Binance US Have De-Listed Coin/Token

Binance's U.S. affiliate has announced the removal of more than 100 advanced trading pairs and the temporary suspension of its OTC trading portal. This decision comes in response to legal pressure from the SEC, which sought to freeze Binance's assets earlier this week.

 
Although Binance US did not provide specific reasons for the sudden removal of trading pairs, it assured users that their assets remain secure on the platform. The changes will take effect at 12 pm EDT on June 8, while deposits and withdrawals will continue to be processed as usual.

As a result of this action, the platform will now support 226 "convert" trading pairs. Users can still engage in buying, selling, and converting top cryptocurrencies like BTC, ETH, USDT, USDC, DOGE, and others.

At this time, there is no indication that Binance US plans to reintroduce the removed trading pairs. While the OTC desk is currently paused, the company intends to notify users when it becomes available again in the upcoming weeks and months.

On Tuesday, the Securities and Exchange Commission issued a restraining order against Binance US, leading to the freezing of its assets. This action followed the SEC's 136-page lawsuit against the exchange and its international parent company.

In compliance with the restraining order, Binance US is required to return customers' fiat currency and digital assets held on the platform within 10 days. This includes assets related to its staking-as-a-service program, which the SEC targeted on the same day as Coinbase's equivalent program.