Bitcoin Price Unfazed by Mt. Gox’s $2.8 Billion Transfer
Bitcoin faced a brief setback as the Mt. Gox trustee initiated a transfer of over $2.8 billion in BTC to two separate wallets during Asia trading hours, as reported by blockchain analytics firm Arkham Intelligence. One wallet received $340 million, while the other received $2.5 billion in Bitcoin.
According to Arkham Intelligence, “Mt. Gox moved a total of $2.85B BTC to new wallets this morning in order to distribute 5110 BTC ($340.1M) to 4 separate Bitstamp addresses.”
Kraken recently confirmed receiving funds from the Mt. Gox trustee and is set to distribute them to creditors by the end of July. Bitstamp, another exchange involved in transferring BTC and Bitcoin Cash to creditors, plans to start distributions “as soon as possible” without utilizing the full 60 days allocated.
Following the Mt. Gox transfers, Bitcoin’s price dipped to $66,267.87 but quickly rebounded above $67,000, marking a 7% gain in the past week with significant trading volume exceeding $38 billion in the last 24 hours, based on CoinGecko data.
The recent BTC transfers come after the German government sold $2.8 billion in seized Bitcoin, the U.S. government moved millions of its seized BTC, and amid a sudden shift in the U.S. presidential election landscape.
Despite these developments, Bitcoin traders remain optimistic. Bitfinex analysts noted a decrease in the Bitcoin Exchange Reserve metric, indicating large investors are buying the dip and transferring funds to cold storage wallets. However, the analysts cautioned that market volatility may persist due to ongoing uncertainties.
Mt. Gox, once a major Bitcoin exchange, filed for bankruptcy in 2014 after losing approximately 850,000 Bitcoins due to a security breach. Now, a decade later, creditors are finally set to receive their repayments.
As the cryptocurrency market navigates through these events, traders are advised to stay vigilant and informed amidst potential news-driven fluctuations.
