Mt. Gox Transfers 11,502 Bitcoin Amidst Rising Market Value
Mt. Gox has transferred 11,502 Bitcoin worth over $1 billion, coinciding with Bitcoin’s price surging past $87,000. The exchange extended its payout deadline to 2025, as former users await compensation. Recent market activities show diminished effects from these large transfers, while Bhutan’s government also engaged in significant Bitcoin transactions, further emphasizing the evolving landscape of cryptocurrency ownership and management.
On Monday, a wallet linked to Mt. Gox executed a transfer of 11,502 Bitcoin, worth over $1 billion, as Bitcoin’s price surged to $87,000. This amount included $927 million deposited into a wallet that starts with “1DcoAJ.” Despite the significant dollar amount, the market displayed only a minimal impact from this transaction, with Bitcoin observing a 2% increase in value within the past 24 hours.
Currently, Mt. Gox retains approximately 35,583 Bitcoin in its wallets, equating to around $3 billion. This large transaction follows a previous transfer executed on March 11, where 332 Bitcoin, valued at about $26 million, were moved to an undisclosed address. The current activities signal ongoing attention to the exchange, which has yet to conclude its resolution of compensation claims for former users.
In light of these developments, Mt. Gox has announced the extension of its total payout deadline from October 31, 2024, to October 31, 2025. This adjustment is attributed to continued verification and processing of claims made by users. While certain creditors have confirmed receipt of fiat payments as part of their refunds, many individuals remain in expectation of receiving their full compensation in Bitcoin or Bitcoin Cash.
Historically, substantial Bitcoin transfers from significant holders such as Mt. Gox prompted immediate price movements. However, recent analyses indicate a reduced correlation between such on-chain activities and market price changes. Concurrently, the government of Bhutan moved $63 million of Bitcoin to three different wallets, with one wallet holding 600 BTC, approximately valued at $53 million. Notably, since its foray into Bitcoin mining in 2019, Bhutan’s crypto holdings now represent 30.7% of its GDP, primarily focusing on Bitcoin but also possessing minor amounts of Ether and other digital tokens.
The recent transfer of 11,502 Bitcoin by Mt. Gox highlights ongoing developments related to the defunct exchange’s remaining assets. As Bitcoin’s price stabilizes above $87,000, the delayed payout timeframe extending to 2025 complicates matters for former users still awaiting full compensation. Additionally, the recent on-chain activities from Mt. Gox appear to have less impact on the market than in the past, illustrating a shift in dynamics within the cryptocurrency landscape.
Original Source: cryptobriefing.com
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