This large movement of bitcoins from Mt Gox is the first in five years as the exchange works on its payment plans. BTC price sees selling pressure.
In the past few hours, defunct crypto exchange Mt. Gox-linked wallets have moved large numbers of bitcoins. According to data from Arkham Intelligence, the Mount Gox wallet transferred a total of about 43,000 bitcoins worth $3 billion.
Mt Gox sends Bitcoins to an unknown address.
According to data from Arkham Intelligence, Mount Gox moved these bitcoins in three separate transactions of 12.24k BTC, 14.05k BTC, and another 16.589k BTC, in a very short period of time.
Mt. Gox, the defunct cryptocurrency exchange, is set to distribute its remaining holdings to creditors. Mt. Gox address currently holds 137,892 BTC, and the exchange has announced plans to distribute a total of 142,000 BTC and 143,000 BCH before October 31, 2024.
Moreover, this is the first time in five years that Mount Gox has moved bitcoins out of its wallet. The move marks an important step in resolving long-standing bankruptcy proceedings and returning assets to those affected by the exchange’s collapse.
Trending
Sei (SEI) Price Surges 10% on Foundation’s V2 Upgrade Proposal
Launched in 2010, the Tokyo-based platform quickly gained popularity, becoming the largest bitcoin exchange by 2013 and handling 70% of all bitcoin trades worldwide.
However, in early 2014, it stopped all withdrawals and suspended trading. Soon after, the site went offline, and the company filed for bankruptcy protection after losing more than 800,000 bitcoins.
BTC price down 2%
After trying to break above $70,000 again on Monday, Bitcoin price has once again lost 2% pushing the cryptocurrency below $68,000.
For a long time, the BTC price has been stabilizing in the range of $65,000-$70,000. Despite several attempts for BTC to break past $70,000, the bulls did not find enough support to continue the upward momentum.
Bitcoin bulls have to break $70,000 for sure first to take it to its all-time high and give further breakouts. On the downside, $66,000 remains an important support for Bitcoin. Losing it, we could see the BTC price fall to $64,000 and fall even further.