Bitcoin dips below 60K as Mt. Gox moves almost 800M worth of Bitcoins
Bitcoin dips below 60K as Mt. Gox moves almost 800M worth of Bitcoins
Mt. Gox, once the world's largest Bitcoin exchange, has reignited interest and speculation in the cryptocurrency market by moving a significant amount of Bitcoin in the last 24 hours.
Bitcoin has fallen below $60,000 as the defunct Mt. Gox exchange begins moving significant amounts of its assets, potentially triggering a sell-off. In the last 24 hours, Mt. Gox transferred 13,265 BTC, valued at approximately $784 million, according to CryptoPotato.
As can be tracked on the Arkham Intelligence platform, of this, 12,000 BTC were sent to a new address, while 1,265 BTC went to a Mt. Gox cold wallet. This marks the first major BTC movement by the exchange trustee in three weeks and an imminent payout to creditors.
Currently, Mt. Gox still holds 46,164 BTC, valued at around $2.74 billion. Earlier, in July, the exchange moved 44,527 BTC as part of its rehabilitation plan, causing a 3% drop in Bitcoin's value.
The recent movement of BTC appears to have caused some panic selling, bringing BTC price to $59,500, at the time of this writing.
Despite this selling pressure, analysts note that the market has remained relatively resilient. Analyst PlanB at X pointed out that a large $12.7 billion cash distribution from FTX expected in the fourth quarter might drive market recovery.
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Bitstamp is one of the exchanges designated by Mt. Gox to distribute Bitcoin repayments to its creditors. Other exchanges, such as Kraken, have also begun making these repayments.
Founded in 2010, Mt. Gox was once the largest bitcoin exchange in the world until it was hacked in 2014, resulting in the loss of 850,000 BTCs, worth about $460 million at the time.
In the broader market, cryptocurrencies have lost 2.3% in the last 24 hours, with altcoins hit harder than Bitcoin. The total market capitalization now stands at $2.19 trillion.
See also: Bitstamp unveils new unified mobile app
