Mt. Gox Transfers Over $2.8 Billion in BTC as Bitcoin Price Looks to Hold Recent Gains
- WBOYOriginal
- 2024-07-17 15:09:46398browse
On-chain data shows a wallet linked to Mt. Gox has just moved more than $2.8 billion worth of Bitcoin.
A wallet linked to bankrupt crypto exchange Mt. Gox has just moved more than $2.8 billion in Bitcoin. The massive transfer comes as the price of BTC looks to hold onto gains seen since last weekend’s attempted assassination of Donald Trump.
Mt.Gox to transfer over $2.8 billion in BTC
On Tuesday, Lookonchain shared details of a large BTC transfer. Citing data tracked by blockchain analytics firm Arkham, the platform said the transfer originated from the wallet of defunct crypto exchange Mt. Gox.
The said Mt. Gox wallet moved over 44,500 BTC, currently valued at over $2.84 billion, with this being transferred to an internal wallet. The move is anticipated to be the exchange’s trustee preparing for another round of repayments following an announcement to this effect in late May.
Last month, Mt. Gox moved 47,000 bitcoins ahead of the expected commencement of repayments, which is set for July this year. As was the case then, Tuesday’s transfer saw the price of BTC slip slightly from above $63,000.
In a Monday report, analysts at Bitfinex said that while positive news is continuing to dictate BTC movement, the threat of fresh sell-off pressure remains. Currently holding 138,985 BTC, valued at over $8.8 billion, Mt. Gox is likely to be one source of this anticipated downside pressure.
“Crypto asset prices in general in the current period have been determined by the news agenda, rather than fundamentals. Selling pressure concerns have not completely disappeared as Mt. Gox creditors are also scheduled to receive their BTC payouts over the next couple of weeks. We expect these headlines to continue to have some impact on price before a complete pricing in of the situation,” the Bitfinex analysts noted in the weekly report.
At the time of writing, bitcoin trades around $62,835.
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