Bitcoin fell directly from above 70,000 to less than 68,000.

Originally, Bitcoin should have been sideways around 69,000, but suddenly the Bitcoin address of Mentougou changed, making the entire market uneasy.

Mt. Gox was founded in 2010 and once handled about 70% of the world's Bitcoin transactions.

In February 2014, Mt. Gox announced that it had discovered that about 850,000 Bitcoins had been stolen (worth about $450 million at the time), and then the exchange closed and filed for bankruptcy protection.

Mentougou's compensation plan includes three parts: basic compensation, advance one-time compensation, and intermediate compensation. By October 2024, it is expected that 142,000 Bitcoins (BTC), 143,000 Bitcoin Cash (BCH) and 6.9 billion yen (about $510 million) will be distributed to creditors.

The total value is about 10 billion.

This 10 billion is like a sword hanging over the head of the Bitcoin market, which may fall and crush the market at any time.

Although only the address has changed and compensation has not really started, this impact has really pushed Bitcoin down to 70,000.

The Mentougou incident has been brought up many times, and each time it is a story of the wolf coming.

The market has begun to be immune to this negative news, but in October this year, the wolf really came.

How will the market digest this $10 billion market crash? How will the Bitcoin market go? We will wait and see.

Don’t just look at Bitcoin. If Bitcoin falls, the entire cryptocurrency will fall.

So in this bull market, we must be cautious at every step.