Mt. Gox Developments Accelerate in Bitcoin
The Mt. Gox saga in the world of Bitcoin is far from over. Recent reports have revealed that thousands of BTC have been transferred to an unknown wallet, with the total amount exceeding $2.9 billion. This indicates that BTC that had remained dormant for the past five years is now on the move.
Bitcoin Transfers from Mt. Gox
In a startling turn of events, it has come to light that Mt. Gox has transferred a staggering 12,400 Bitcoins. The destination of these BTCs is an undisclosed cold wallet. Stay up to date with the latest financial and business news by visiting COINTURK FINANCE.
Following this incident, the transfers have continued, resulting in an accumulation of BTCs worth approximately $2.9 billion at the mentioned address. It is worth noting that the purpose behind these transfers remains unknown. Furthermore, these tokens were moved to the address within the last two hours.
Analyzing the wallet’s history, it was discovered that it became active about a week ago. Prior to the Mt. Gox transactions, around 22,000 BTCs were sent to this address. In the last two hours alone, over 31,000 BTCs have been transferred to the same address.
Additionally, it is known that Mt. Gox plans to distribute its assets of 142,000 BTC and 143,000 BCH to creditors before October 31, 2024. This development has raised concerns about the future of the Bitcoin price and has triggered a significant decline.
The Current Bitcoin Price
In response to these reports, the price of Bitcoin experienced a sudden drop from $69,400 to $68,400. Subsequently, after the news of the second transfer, another sharp decline was observed. As of writing, the BTC price has fallen to $67,500, but it seems to have rebounded above $68,000.
Following the decline, the market volume also decreased, reaching $1.33 billion. However, the 24-hour trading volume indicates a strong interest in Bitcoin, as it has increased by over 60% and exceeded $28 billion.
This situation has sparked mixed emotions among market participants. The significant volume generated by short sellers after the transfer news continues to be a topic of discussion.
Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: Please note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
