Mt. Gox Bitcoin Hack Still Plagues Market: $6B Shift Sinks BTC

Bitcoin's recent ascent has faced a sudden reversal. Mt. Gox's recent move has raised fears of a major sell-off. Conflicting views have emerged on whether the fear is justified. Bitcoin underwent a reversal of fortune on July 16. The world's most famous cryptocurrency tumbled over 3%, shedding thousands of dollars in value and dipping below a key support level. This dramatic price swing coincided with a troubling development: a large outflow of Bitcoin from the defunct cryptocurrency exchange Mt. Gox. Mt. Gox, once a giant of the crypto world, was hacked in 2014 and forced to shutter its doors.

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