MtGox Transacts 540 Billion in BTC Triggering Bitcoins Dip Below 27

Japanese cryptocurrency exchange Mt. Gox has transferred 47,229 BTC (valued at approximately $271 million) to a new wallet, marking the first significant transaction since XNUMX month. The event, as reported by blockchain analysis platform Arkham Intelligence, took place around 5:XNUMX AM on March 30th (Bulgarian time).

By the end of May this year, Mt. Gox’s portfolio had received about 137,892 BTC, valued at approximately $945 million at the time, which then subjected Bitcoin’s price to selling pressure from the stock market’s movements. In recent days, Mt. Gox executed several smaller test transactions. This major transfer coincides with the stock market’s preparation for an adjustment, beginning the process of repaying creditors’ debts this month and distributing BTC tokens with a total value of approximately $850 million.

Bitcoin investors turned $600 into $70,000. Market observers are concerned about the potential impact of releasing such a large amount of Bitcoin into the market, fearing that Mt. Gox creditors might sell off their Bitcoin holdings, which have been inaccessible for over a decade. However, some analysts suggest that the actual amount could be closer to $450 million, which could mitigate the risk of significant market disruption. Despite these positive forecasts, at the time of writing this article, Bitcoin is trading at a price of $53,860, reflecting an 8.6% decline over the last 24 hours and more than 12.4% for the week.

The transfer, occurring at 03:30, seems to have coincided with the news that helped push the price of cryptocurrency below the $55,500 level, as it began to fall shortly thereafter.