Why Bitcoin Fell: Mt. Gox Sent Billions of Dollars of BTC

Bankrupt cryptocurrency exchange Mt. Gox attracted attention with the BTCs it sent to the cryptocurrency exchange.

According to data transferred by the on-chain analysis platform Spot On Chain, Mt.Gox stood out with its Bitcoin transaction on the morning of July 23. Mt.Gox addresses transferred 37 thousand 477 Bitcoins, worth approximately $2.84 billion today, to a new wallet.

This large-scale transfer mobilized the cryptocurrency markets. According to Spot On Chain analysts, Mt. Gox may use them to repay its creditors. Bitcoin (BTC) price started to decline immediately after the transaction and dropped to $66,760.

Mt. Gox's bankruptcy administration transferred another 5,110 Bitcoins worth $341 million to one of its own cold wallets in the morning. Mt. There are still 101 thousand 507 BTC in Gox wallets.  Their total value is approximately $6.7 billion.

Mt. Gox creditors will be able to receive refunds through exchanges such as Kraken and Bitstamp. Mt. Gox sent a small amount of BTC to Bitstamp the other day. In a recent statement made by the Bitstamp team, Mt.Gox emphasized that payments will be made to investors as soon as possible after receiving their payments.

Although previous transfers did not cause serious declines in the market, minor withdrawals were observed in Bitcoin and Bitcoin Cash (BCH). Many analysts think the Mt.Gox selling pressure is already priced in.