**The Sleeping Giant Stirs: Mt. Gox Moves Millions in Bitcoin, But the Market Doesn’t Flinch**
The crypto world held its breath as Mt. Gox, the crypto exchange that became infamous for its massive 2014 hack, shifted a colossal $352.7 million worth of Bitcoin (6,620 BTC) to an unknown wallet. This move, coming just hours after a separate $2.8 billion Bitcoin transaction from the same source, sent ripples of anticipation through the market.
Surprisingly, Bitcoin’s price remained unfazed, holding steady between $97,000 and $98,000. This stoicism contrasts sharply with past reactions to Mt. Gox activity, which typically triggered price drops. What’s changed?
Experts point to a confluence of factors. The current bullish market sentiment provides a strong buffer against negative news. Furthermore, the Mt. Gox rehabilitation team recently announced a one-year postponement in creditor repayments, assuring the market that these transfers won’t translate into immediate sell pressure on Bitcoin or Bitcoin Cash. Essentially, the floodgates haven’t opened… yet.
The crypto market itself has matured significantly. As Alex Obchakevich of Obchakevich Research explains, the sheer scale of today’s market – with its multi-billion dollar capitalization and rapidly growing liquidity – makes a $353 million transaction less of a seismic event. In other words, the market has grown bigger than the ghost of Mt. Gox.
This once-dominant exchange, which started as a humble trading card platform (“Magic: The Gathering Online eXchange”), controlled nearly all Bitcoin trading in its heyday. The 2014 hack, resulting in the loss of 750,000 customer Bitcoins and 100,000 of its own (a staggering 7% of all Bitcoin in circulation at the time), forever etched Mt. Gox in crypto history as a cautionary tale.
While this latest transfer didn’t rock the boat, Mt. Gox still holds a significant stash: almost $3.9 billion worth of Bitcoin (39,705 BTC) remains in its wallets. The sleeping giant may be stirring, but for now, the market remains calm, perhaps a testament to its resilience and growing maturity.
<p>The post Mt. Gox Moves Millions in BTC; Bitcoin Price Holds first appeared on CoinBuzzFeed.</p>
