The troubled crypto exchange Mt. Gox transferred another large amount of Bitcoin on Wednesday, following recent BTC and BCH transfers intended for creditor repayments. This indicates that Mt. Gox is likely to continue moving significant amounts of Bitcoin throughout the week.
In parallel, Kraken has begun distributing Bitcoin that it received from the Mt. Gox Rehabilitation Trustee last week.
Mt. Gox Transfers $2.47 Billion in Bitcoin: Key Details and Market Impact
On July 24, a wallet linked to Mt. Gox transferred 37,477 BTC, valued at $2.47 billion, to a new, unknown wallet address, according to Arkham Intelligence. Prior to this large transfer, the wallet conducted a test transfer of 1.42 BTC and another wallet (16vjn) moved 11.33 BTC to the same unknown address, suggesting more Bitcoin movements could follow in the coming hours.
Additionally, there was an internal transfer of 5,106 BTC, worth $336.61 million, between Mt. Gox’s cold wallets. The Mt. Gox Rehabilitation Trustee still holds $5.93 billion in Bitcoin, indicating that further significant transfers could occur within this week.
Mt. Gox Moves $2.85B Bitcoin: BTC Price Drops
On Tuesday, a Mt. Gox wallet transferred 42,587 BTC, worth approximately $2.85 billion. This large transaction was followed by a series of smaller Bitcoin transfers in the past 24 hours, including transfers to Bitstamp wallets.
The Bitcoin market is feeling the pressure from these repayments by the Mt. Gox Rehabilitation Trustee. The BTC price has dropped more than 1% over the past 24 hours, currently trading around $65,750. The 24-hour trading range has been between $65,484 and $67,359. Additionally, trading volume has decreased by 20% in the last 24 hours, suggesting a decline in trader interest.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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