The post Mt Gox Plans Prepping To Move Remaining 80.5K Bitcoins, Initiates Test Transfers appeared first on Coinpedia Fintech News
The defunct crypto exchange, Mt Gox is now planning to move the remaining 80.5K Bitcoins, at a time when Bitcoin struggles to surpass the $70,000 level. It has nearly sent 50K Bitcoins in the past two weeks to creditors on Kraken and Bitstamp. While creditors faced some withdrawal issues on the exchange last week, they are largely resolved as of now.
Mt Gox’s Test Transfers
According to data from Arkham Intelligence,a Mt Gox address 12Rgp transferred 0.02 BTC worth $1350 to another address beginning with 1Adb. The same address also transferred 0.0001 BTC to the address starting with bc1q. This suggests that Mt Gox is conducting test transfers before moving the rest of the 80,128 BTC it holds, valued at $5.35 billion.
The Mt. Gox creditors are also showing a willingness to hold their BTC with diamond hands. Despite volatility, the Bitcoin price has managed to absorb a large part of the selling pressure effectively. But on late Monday, BTC once again came under the selling pressure after facing rejection at $70,000.
After breaking above $70,000, popular market analysts like PlanB predicted that the Bitcoin price rally could extend to $150K by the year-end. PlanB also predicted Bitcoin price to double in the next 3-5 months.
Recent Transfer Of BTC By US Goverment
Another reason behind the Bitcoin selling pressure is the US government’s transfer of Bitcoin.
As reported by Arkham intelligence, the US government recently moved 29,799.99 BTC worth $2 billion to an unknown P2WPKH wallet on Monday. Despite this transfer, the U.S. government wallet still holds 183,439 BTC, valued at over $12 billion.
This development follows Donald Trump’s reveals his strategy to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, if he is elected. However, the latest BTC transfer by the US government fuels speculations of a major sell off coming up as signaled by Peter Schiff in his latest tweet.
The exchange has recently executed a series of Bitcoin transfers totaling about $5.52B . After conducting preliminary test transactions, the exchange moved Bitcoin worth $2.85b to an undisclosed wallet. Subsequently, it transferred another $2.47B from a cold storage wallet to an unknown address, while also internally shifting a portion of its Bitcoin holdings between cold wallets.
Analysts Predict BTC To Rebound
On the technical side, analysts predict that if the $65,800 level holds, the BTC could rebound to $67,400 or $68,100. Ahead of this week is the US Fed meeting where Chairman Jerome Powell will address the issue of inflation and the central bank’s plans for rate cuts.
