Defunct cryptocurrency exchange, Mt. Gox, recently transferred 107,547 Bitcoins (BTC), worth nearly $7.3 billion, to unknown wallets, causing a 2% dip in BTC prices. This marked the first significant movement from Mt. Gox in five years, stirring concerns within the crypto market. The transfer, which involved three transactions totaling approximately 43,000 BTC, is seen as a significant step towards resolving the long-standing bankruptcy proceedings.
Following the transfers, Bitcoin prices faced downward pressure, falling below $68,000. The market lacks the momentum to sustain levels above $70,000, with $66,000 remaining a crucial support level. If this support fails, BTC prices could slip further, potentially reaching $64,000.
Mt. Gox plans to distribute its remaining assets to creditors before October 31, 2024, aiming to resolve the bankruptcy proceedings and return assets to those affected by the exchange’s collapse. As the exchange prepares for final repayments, the market remains cautious, watching for further developments that could influence Bitcoin prices.