Mt. Gox, the former largest Bitcoin exchange, has made a historic move by transferring approximately 43,000 Bitcoins, worth around $3 billion, to an undisclosed address. This is the first activity from Mt. Gox’s wallets since it halted operations five years ago. The transfer was divided into three parts and is part of Mt. Gox’s plan to settle its bankruptcy and distribute assets to creditors by October 31, 2024.
The transfer had an immediate impact on the cryptocurrency market, causing a 3% drop in Bitcoin’s value. However, the market has started to stabilize, and Bitcoin is now trading near $67,860, reflecting a modest decline of 1%.
It’s worth noting that Mt. Gox still holds approximately $9.42 billion worth of Bitcoin, despite the transfer. The recent movements by Mt. Gox have long-term implications beyond market fluctuations. Creditors of Mt. Gox are expected to receive Bitcoin repayments soon, which is significant considering the exchange went down with over 800,000 BTC in 2014. While Mt. Gox hasn’t been able to recover all of it, it still holds about 142,000 BTC, worth $5.2 billion, along with a similar number in other Bitcoin forks.
In the past week, Bitcoin has seen a slight decline in value, but over the last 30 days, it has risen by 6.5%. The trading volume has also surged by 60% in the last 24 hours, indicating a shift in investor sentiment. Technical analysis suggests a bearish outlook with potential support at the $67,000 level and possible upward targets at $71,500 and $73,900.
As of now, Bitcoin’s price has dipped by 0.95% in the past day and 4.56% in the past week, falling below $68,000. It has been struggling to break past the $70,000 mark.