Mt. Gox Executes Major Bitcoin Transfer Amid Creditor Repayment Process
Mt. Gox, the defunct cryptocurrency exchange, has once again executed a major Bitcoin transfer as part of its ongoing creditor repayment process.
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On Tuesday, the exchange moved 11,501.4 BTC, valued at approximately $1 billion, across two wallets. This marks the second large-scale transaction of this magnitude in March, drawing attention from investors who are closely monitoring potential BTC price fluctuations.
According to blockchain data, 10,608 BTC (worth $929.7 million) was transferred to a new wallet, while 893.4 BTC (valued at $78.3 million) was moved to a warm wallet, as reported by Spot On Chain. This transaction follows an earlier Mt. Gox transfer that saw 332 BTC ($25.5 million) deposited into the cryptocurrency exchange Bitstamp. Market analysts speculate that the 893.4 BTC sent to the warm wallet may also be moved soon, which could further influence market dynamics.
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Earlier this month, Mt. Gox transferred 12,000 BTC when Bitcoin was trading around $92,000. Since that time, BTC has corrected nearly 7% and is currently hovering around $86,500. The surge in Bitcoin’s daily trading volume, which has risen by 97% to reach $33.37 billion, indicates heightened market activity in response to these movements.
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The series of large Bitcoin transfers from Mt. Gox has raised concerns among traders about potential impacts on liquidity and price stability. Given the exchange’s history and its ongoing repayment obligations, any substantial BTC movement is under close scrutiny. Some analysts warn that if more funds are liquidated, it could drive further volatility, particularly with Bitcoin near crucial price levels. However, others argue that the market has largely priced in these transactions, suggesting that any immediate impact may be short-lived.
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Alexander Stefanov
