Based on data shared by Arkham Intelligence, defunct Cryptocurrency Exchange Mt. Gox, has transferred 12,240 $BTC worth around $840 million, into the new wallet. After the transfer occurred, the price of Bitcoin experienced a slight decline, dropping below the $68,500 level. Based on circulating speculation, the transferred assets will later be used to pay creditors.
This move comes ahead of the payment deadline set for October 31. Mt. Gox plans to pay back its creditors 142,000 $BTC , 143,000 $BCH and 69 billion Japanese yen. Currently, in the Mt.Gox wallet, there is still a sum of money and assets worth a total of 9.5 billion US Dollars. Market players speculate that this massive release could trigger a sell-off that puts downward pressure on Bitcoin prices. However, experts argue that the currently numerous Bitcoin maximalists can protect the market from the effects of this massive sell-off.
