Bitcoin Regains $66,000 Despite Mt. Gox-Related Selling Pressure

Bitcoin has bounced back to $66,000 after dipping below $65,500 on Tuesday, but the selling pressure from Mt. Gox has dampened hopes of a sustained rally. According to Arkham data, Mt. Gox moved over $3 billion worth of BTC between different wallets and sent $130 million to Bitstamp. It is expected that creditors will sell their BTC immediately upon receipt, which is why the coin movements tend to weigh on bitcoin's price. The wider crypto market, as measured by the CoinDesk 20 Index (CD20), has remained relatively stable.