Investing.com– Bitcoin fell on Thursday on renewed concerns about Mt Gox’s token distribution, while capital outflows from major exchanges also fueled a risk-off sentiment.

Fears of more selling pressure largely offset positive signals on U.S. inflation and interest rates, with bitcoin and cryptocurrency markets lagging broader, risk-on peers.

fell nearly 4% to $58,467.0 as of 01:46 ET (05:46 GMT).

Mt Gox concerns back in focus after test trade

Concerns about selling pressure stemming from token distribution by shuttered cryptocurrency exchange Mt Gox came into focus again this week after a wallet linked to the exchange and holding $2 billion in Bitcoin was spotted conducting test transactions this week. The move could herald a recent round of token distribution by the exchange after it began returning Bitcoin stolen in a 2014 hack to customers in July.

While it is unclear what the distribution of Mt Gox Bitcoin will be, investors have been wary as distributions have put more selling pressure on the world’s largest cryptocurrency.

Earlier this year, Mt Gox was seen to have launched around $9 billion in Bitcoin.

USDT Outflows May Herald Further Price Weakness – IntoTheBlock

Digital asset research firm IntoTheBlock reported on Wednesday that about $1 billion in stablecoins was withdrawn from cryptocurrency exchanges this week.

Excessive USDT outflows have heralded bitcoin’s weakening price in recent months. The move potentially indicates that investors are pulling money out of exchanges in preparation for a risk aversion.

Cryptocurrency Price Today: Altcoins Fall as CPI Data Offers Little Support

Cryptocurrency prices fell on Thursday, lagging gains in other risk assets, as concerns about Mt Gox distribution and exchange withdrawals intensified.

Weaker-than-expected inflation data failed to boost cryptocurrency prices, even as broader risk-on markets, especially stocks, benefited from the prospect of lower interest rates.

But given that it still represented a month-over-month escalate, investors were seen as positioning themselves for a smaller rate cut from the Federal Reserve in September. That notion restricted the scope for risk-on movement.

The world’s second-largest token fell 3.1% to $2,638.30, while , , and fell over 1% each.

Among meme tokens, the decline was 3.4%.