MT. Gox Moves $2.7 Billion in Bitcoin to New Wallets
🔥 Mt. Gox, the defunct Japanese cryptocurrency exchange, just transferred 47,229 Bitcoin (BTC), worth $2.71 billion, to a new wallet address. This is the first significant transaction since May.
🟡 Key points:
🟠 Transaction Details: The transaction took place at 12:30 a.m. UTC on July 5, transferring Bitcoin from cold storage.
🟠 Debt repayment plan: This move is part of a plan to repay creditors of Mt. Gox this month, with a total of $8.5 billion worth of Bitcoin.
🟠 Market Impact: There are concerns about the potential market impact if creditors decide to sell their Bitcoin, with some analysts estimating the actual market impact to be closer to $4.5 billion.
🟠 Historical Background: In May, Mt. Gox moved nearly $7.3 billion in Bitcoin, causing a 2% price drop.
🟠 Current market reaction: Bitcoin price plummeted on July 4 and is currently trading at $57,328, down 6.9% on the week but up 35.6% year-to-date.
