Bitcoin News: Mt Gox Moves 3,620 BTC, Sparks Concerns Amid $1B Liquidations

Bitcoin News: Bankrupt crypto exchange Mt Gox on Friday caused a market stir, again moving colossal amounts of BTC. On-chain data flagged that the beleaguered firm moved a whopping 3,620 coins, sparking concerns as the broader market witnessed over $1 billion in crypto liquidations recently. BTC price backtracked below the $100K level, raising severe market concerns amid the bankrupt exchange’s massive transfers.

Bitcoin News: Bankrupt Crypto Exchange Shifts 3,620 BTC Raising Market Concerns

According to the latest data by Arkham Intelligence, Mt Gox was recorded as shifting 3,620 BTC to two unknown wallets via a couple of transactions. Per the data, the bankrupt crypto exchange moved 3,493 coins, worth $340 million, to the unknown wallet address 1MAXy6…Ez3NQ9. Further, the exchange shifted another 126.577 coins, worth $12.33 million, to the unknown wallet address bc1qkf…ffm7sf.

Overall, these transactions garnered significant attention as they could potentially be used in preparation for creditors’ reimbursement. Also, it’s noteworthy that these creditors may decide to sell the funds when received, thereby bringing heightened selling pressure to the flagship crypto ahead. Market participants remain apprehensive as this Bitcoin news could cause the crypto to face significant turbulence.

Simultaneously, it’s also worth mentioning that the defunct crypto exchange moved massive amounts of the same coin previously. CoinGape reported Mt Gox to have transferred 24K BTC quite recently, adding to concerns in light of creditor reimbursement plans.

Crypto’s Price Slips Below $100K

At the time of reporting, BTC price backtracked substantially, down 4% to $87,859. Its 24-hour low and high were $91,998.78 and $103,583, respectively. Notably, the flagship coin rides a rollercoaster ride against the backdrop of the broader crypto market movement that witnessed a flash crash intraday. Notably, the crash comes against the backdrop of over $1 billion in liquidations recorded across the crypto market, per recent Coinglass data.

Further, the beleaguered firm’s recent transfers amid the massive liquidation have kept traders and investors on their toes. Nevertheless, broader sentiments amid a bullish Q4 remain optimistic, as also seen by Bitcoin rebounding from a $91K intraday low to near $98K. Market watchers continue to extensively eye the coin for further price action shifts amid a Q4 power play in the crypto realm.

Besides, it’s also worth mentioning that BTC miner Marathon Digital recently completed its $850 million convertible note offering at 0% interest. The proceeds from this offering are to be used in BTC purchases, emerging as optimistic Bitcoin news for the broader market. This saga has in turn sparked contrasting sentiments, carving a bullish outlook for the coin’s future despite Mt Gox’s movements.