Bitcoin News

Mt. Gox Wallets Moves Bitcoin From $2.85 Billion BTC Stash

Mt. Gox has emptied some of their Bitcoin wallets, leading to speculations that the crypto exchange might be looking to make repayments.
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Mt. Gox Wallets Moves Bitcoin From $2.85 Billion BTC Stash

Highlights

  • Mt. Gox has emptied four of their Bitcoin wallets, leading to speculations of more BTC repayments to customers.
  • The defunct crypto exchange still holds 44,899 BTC.

Mt. Gox has transferred a significant amount from their Bitcoin holdings. This development has led to speculations that the defunct crypto exchange might be looking to make BTC repayments to its remaining customers. If so, this puts the Bitcoin price rally at risk, considering how the past repayments affected the flagship crypto.

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Mt. Gox Moves Part Of Bitcoin Holdings

Arkham Intelligence data shows that the defunct crypto exchange has transferred part of its BTC holdings. Mt. Gox emptied four of their wallets after receiving $370,000 BTC from the Kraken. This has led to speculations that the exchange might be looking to make more repayments soon enough. Mt. Gox still holds 44,899 BTC ($2.85 billion), which indicates that the exchange isn’t done repaying its customers.

The crypto exchange began its Bitcoin repayments to customers earlier this year through Kraken, Bitbank, BitGo, Bistamp, and SBI VC trade. As such, the transfer between Mt. Gox and Kraken further suggests that the defunct crypto exchange might be looking to make more BTC repayments.

These recent transfers put the Bitcoin price rally at risk, considering the impact of the earlier repayments on the BTC price. The crypto dropped below $55,000 at the beginning of July, just around when the crypto exchange began its repayments to customers.

A wave of sell-offs among these customers contributed to the downward pressure that Bitcoin faced. However, it is worth mentioning that the German government also played a major role in the price crash during that period. They sold off all their 50,000 BTC over a three-week period starting in June.

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Will This Time Be Different?

While a potential Mt. Gox Bitcoin repayment could undoubtedly put selling pressure on the Bitcoin price, it is worth mentioning that the flagship crypto is in a more bullish environment compared to July, when the defunct crypto exchange began repaying customers. Therefore, the market might be able to weather the storm much better this time.

For instance, crypto analyst Ali Martinez recently revealed that Bitcoin whales have sold over 20,000 BTC ($1.28 billion) in the last 24 hours. However, this has hardly impacted price, especially considering that the flagship crypto rose to $64,000 during that period.

The recent bullish outlook for Bitcoin stems from several factors, including the macro side. Last week, the US Federal Reserve cut interest rates by 50 basis points (bps). Meanwhile, on Tuesday, the People’s Bank of China (PBoC) announced rate cuts and a stimulus policy to help revive the country’s economy. Per a CoinGape report, the Bitcoin price is targeting $100,000 on the back of China’s stimulus package and its crypto trade with Russia. 

At the time of writing, the BTC price is trading at around $63,700, up in the last 24 hours. Trading volume is also up over 8%, with $28.9 billion traded during this period.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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