Huge BTC transfer from Mt. Gox cold wallet, market nerves tense again
The Bitcoin market once again experienced violent fluctuations today, with 42,587 Bitcoins (BTC) worth up to $2.85 billion from the cold wallet of the Mt. Gox exchange, which has been closed for many years, being quietly transferred. This move not only caused widespread concern in the market, but also made many investors and observers re-examine the impact of this historical legacy of Mt. Gox on the market.
It is reported that about 37,000 of the transferred BTC will be used to repay Mt. Gox's creditors, which is the long-awaited compensation for creditors since the exchange collapsed and entered bankruptcy protection in 2014. Although the market had previously anticipated the repayment problem of Mt. Gox, this large-scale capital flow still brought a considerable impact to the market
The price of Bitcoin fell briefly under the influence of market concerns. Although it has rebounded, it is still hovering around $664,000, which is close to the average purchase price of BTC holders for 1-3 months. If this support level is broken, the price of Bitcoin may fall further to the average purchase price range of 3-6 month holders, which is around $636,000.
