Bitcoin fell below $63,000 as Mt. Gox transferred $2.8 billion in BTC into an internal wallet

Bitcoin (BTC) faced fresh selling pressure on Tuesday as blockchain data showed defunct exchange Mt. Gox began transferring coins internally, possibly to pay off creditors.

According to CoinDesk, the largest cryptocurrency by market capitalization fell 3 percent, briefly dipping below $63,000, testing the $65,000 level during early Asian trading hours. This decline occurred in Mt. A bigger wallet first diverted 0.021 BTC ($1000) to block chain address: 1 eozd1qncin9jbnsqvlrdbhklygasxhg3v. This small transfer test was then followed by a significant transfer of 44,527 BTC ($2.84 billion) to an internal wallet, according to data tracked by Arkham Intelligence.

On-chain explorer Lookonchain notes that this activity may be part of a repayment plan.

Mt. Gox had transferred 44,527 BTC (28.4B) to an internal wallet five minutes earlier, possibly in preparation for a repayment plan. #MtGox currently holds 138,985

BTC ($8.87 billion).

Mt. Gox, once the world's largest bitcoin exchange, went bankrupt in 2014 after losing hundreds of thousands of bitcoins in a hacking attack. The exchange began repaying its debt on July 4, sparking fears of a massive sell-off by creditors who have been waiting a decade.

Bitcoin's decline dragged down the entire market, with ether, the second largest digital asset by market capitalization, falling more than 2.5% to $3,400. The CoinDesk 20 Index (CD20), a broader market indicator, was down more than 2% at 2,182.