Mt. Gox Transfers Over $1 Billion in Bitcoin as Prices Surge to $90,000
Mt. Gox has transferred 12,000 Bitcoin worth over $1 billion to an unknown address as Bitcoin prices hit $90,000. Additionally, it moved 166,505 Bitcoin to its cold wallet and has delayed repayment deadlines for creditors. Despite past impacts, recent transactions have minimally affected Bitcoin prices.
Recently, Mt. Gox, the notorious defunct crypto exchange, executed a significant transfer of 12,000 Bitcoin, valued at over $1 billion, to an unidentified address. This transaction coincided with Bitcoin’s price surge to around $90,000, as reported by Arkham Intelligence. Additionally, the exchange initiated a transfer of 166,505 Bitcoin into its internal cold wallet, equivalent to approximately $15 million.
This activity by Mt. Gox marks a notable departure from their prolonged inactivity, following a previous transaction of $172 million in Bitcoin last December. Currently, Mt. Gox still retains over 36,000 Bitcoin, which holds an approximate market value of $3.3 billion.
Furthermore, the entity has postponed its deadline for repayments from October 31, 2024, to October 31, 2025, due to ongoing needs for verification and processing. While some creditors have benefited from fiat payments, others are yet to receive their Bitcoin or Bitcoin Cash compensation.
Historically, movements made by Mt. Gox have influenced market sentiment; however, the recent transactions have sparked little impact on Bitcoin prices. Additionally, there is an underlying concern within the market regarding potential price fluctuations, should creditors opt to sell their Bitcoin following full compensation.
In summary, Mt. Gox has recently moved over $1 billion in Bitcoin amidst growing prices, effectively breaking a period of inactivity. The exchange retains a significant amount of Bitcoin and has delayed repayment deadlines while some creditors await compensation. Despite historical market influences, recent movements have caused minimal price fluctuations, though future sell-offs by creditors remain a concern.
Original Source: cryptobriefing.com
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