Bitcoin [BTC] After significant activity by the now defunct crypto exchange Mt.Gox, Mt.Gox’s value dropped by a noticeable 1.30%. Arkham Intelligence stated that Mt. Gox sent over $2.9 Billion worth of BTC to an unidentified address from its cold wallets. The transfer is the first time Mt. It is the first time in 5 years that Mt.
The network, Mt. Gox transferred a total 42,830 BTC via multiple transactions. This transaction mainly took place between 1 :41 and 2 :54 AM UTC. It involved 21 transfers that mostly moved 2,000 BTC per transfer. A significant 32,137 BTC transfer occurred at 4:11 AM UTC. It was directed all to one address.
The sudden movement of assets has generated interest among the crypto community. Gox holds 138,000 BTC worth over $9.36 Billion in the wallets it has identified.
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Market Reaction
Bitcoin was a quick market to react. Its value dropped by 1.30%, from $69.374 at the point of first transfer down to $67.875. Bitcoin’s price has fallen as it struggles to overcome the $70,000 level of resistance despite multiple bullish attempts. For some time, the price of king coins has been confined to a $65,000-$70,000 band. Market reaction to the Mt. Gox’s massive BTC transfer shows how Bitcoin is sensitive to large movements in dormant assets.
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The Past: Looking Back
Mt. Gox, the once largest Bitcoin Exchange in the world, crashed in 20214 due to a large hack that resulted 850,000 BTC. Legal battles have been ongoing since the collapse of Gox, and there are plans in place to reimburse users who were affected. Mt. Gox trustee announced in September of 2023 a twelve-month extension to the payment deadline, which is now October 31, 2024.
Recent movements have led people to speculate about the motivations for the transfer. Nagashima Ohno and Tsunematsu is a trustee company that hasn’t yet made any comments on where the Bitcoins are going or who will be buying them.
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Source: watcher.guru