🚨URGENT URGENT Mt. Gox's $784 Million Bitcoin Transaction Causes Panic: Will There Be Pressure?
The selling pressure from the bankrupt Mt. Gox may come to the fore again in the Bitcoin (BTC) market.
Earlier today, 13,265 Bitcoins worth approximately $784 million were released from a wallet connected to the bankrupt cryptocurrency exchange Mt. Gox. 12,000 BTC of this amount was sent to an address identified as "1PuQB", while the rest was transferred to the "1Jbez" wallet.
According to data from blockchain analysis firm Arkham Intelligence, this wallet is defined as Mt. Gox's cold wallet. The bankrupt exchange still has over 46,000 BTC.
Will there be major pressure?
Mt. The repayments made to Gox creditors have created significant selling pressure on the price of Bitcoin in the past few months.
However, according to the data obtained at the blockchain level, it is stated that this time the transactions may not turn into a major selling pressure.
Galaxy Digital research manager Alex Thorn said, “We think that only 1,265 ($74.5 million) of the 13,265 BTC moved in this transfer were for distribution, while the remaining 12,000 BTC were transferred to a new cold wallet. Therefore, it is a very small impact.”
According to CoinGecko data, Bitcoin did not change much after Mt. Gox's transaction and is changing hands at $59,326 as of the morning hours.
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