Mt. Gox Transfers Over $1 Billion in Bitcoin as Price Surges Above $90,000
Mt. Gox has transferred over $1 billion worth of Bitcoin amid a price surge above $90,000. The exchange, which has been dormant for years, initiated significant movements of its Bitcoin holdings. Despite previous negative impacts on Bitcoin price from such transfers, the current market reaction remains stable, although overall sentiment is cautious.
Mt. Gox, the once-prominent cryptocurrency exchange, has recently transferred over $1 billion worth of Bitcoin, marking a significant moment as Bitcoin surpasses the $90,000 threshold. This transfer occurred on Thursday, highlighting renewed activity from the exchange, which has remained dormant for years.
According to blockchain analytics from Arkham Intelligence, Mt. Gox executed a transaction of approximately 11,834 BTC, equivalent to around $1.07 billion. This transaction represents Mt. Gox’s first major move since late January, followed shortly by an additional transfer of 166.5 BTC valued at approximately $15.12 million to a cold wallet.
Entities affiliated with Mt. Gox currently hold a substantial amount of Bitcoin, with 36,080 BTC valued at around $3.26 billion at prevailing market prices. Notably, this recent transfer follows a prior movement of 1,620 BTC worth $172 million to an unknown address in November, occurring just hours after Bitcoin reached nearly $108,000.
Established in 2010, Mt. Gox quickly became the largest Bitcoin exchange by 2013, managing over 70% of global BTC trades. However, in early 2014, the platform suspended withdrawals and subsequently filed for bankruptcy due to a massive security breach that resulted in the loss of more than 800,000 BTC. Hundreds of creditors have since awaited the return of their lost Bitcoin.
In November, Mt. Gox announced an extension of its repayment deadline to October 2025, citing ongoing verification processes for creditors. While some claimants have received payments in fiat currency, others are still pending repayments in Bitcoin or Bitcoin Cash.
Despite the significant movement of Bitcoin, it is noteworthy that such transfers from Mt. Gox typically lead to a decline in Bitcoin prices. However, today’s context is unique, as Bitcoin is trading around $90,100, reflecting a slight increase of 0.6% over the past 24 hours. Interestingly, the overall market sentiment, as indicated by the Crypto Fear & Greed Index, remains in “Extreme Fear” with a score of 25.
In summary, Mt. Gox’s recent Bitcoin movement of over $1 billion coincides with significant price recovery as Bitcoin exceeds $90,000. While this transaction is substantial, its usual negative impact on Bitcoin prices appears muted at this time. Creditors continue to await repayment, and the market sentiment remains cautious despite the price uptick.
Original Source: zycrypto.com
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