Mt. Gox Moves $3 Billion in Bitcoins to Unmarked Address, BTC Price Slips 2%

In the last few hours, wallets linked with defunct crypto exchange Mt. Gox have transferred a large number of Bitcoins. As per data from Arkham Intelligence, the Mt. Gox wallet transferred a total of approximately 43,000 Bitcoin worth a staggering $3 billion. As a result of this development, the BTC price has come under come selling pressure.

Mt. Gox Sends Bitcoins to An Unknown Address

As per the data from Arkham Intelligence, Mt. Gox moved these Bitcoins in three different transactions of 12.24k BTC, 14.05k BTC, and another 16.589k BTC, in a very short period of time.

Mt. Gox, the defunct cryptocurrency exchange, is set to distribute its remaining holdings to creditors. The Mt. Gox address currently holds 137,892 BTC, and the exchange has announced plans to distribute a total of 142,000 BTC and 143,000 BCH before October 31, 2024.

Moreover, this is the first time in five years that the Mt. Gox has transferred Bitcoins out of its wallet. This move marks a significant step in resolving the long-standing bankruptcy proceedings and returning assets to those affected by the exchange’s collapse.

Launched in 2010, the Tokyo-based platform quickly gained popularity, becoming the largest Bitcoin exchange by 2013 and handling 70% of all bitcoin trades worldwide. However, in early 2014, it halted all withdrawals and suspended trading. Shortly thereafter, the site went offline, and the company filed for bankruptcy protection after losing over 800,000 Bitcoins.

BTC Price Slips 2%

After making an attempt to move past $70,000 once again on Monday, the Bitcoin price has corrected once again by 2% pushing the cryptocurrency down under $68,000.

For a long time, the BTC price has been consolidating in the range of $65,000-$70,000. Despite several attempts for the BTC to break past $70,000, the bulls haven’t got enough support to continue the momentum going ahead.

Bitcoin bulls first need to break past $70,000 convincingly in order to take it further to its all-time high levels and give a breakout further. On the downside, $66,000 remains a crucial support for Bitcoin. Losing this, we could see the BTC price slip to $64,000 and drop even further.