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The bankrupt Mt. Gox Bitcoin exchange transferred 13,265 $BTC worth around $784 million on Aug. 21, according to Arkham Intelligence.
12,000 $BTC were then directed to a new address, while the remaining 1,265 went into a cold wallet associated with Mt. Gox. It is the first major movement of $BTC by the exchange trustee in three weeks.
🛑 Here we go again 👇 Mt. Gox moves 13,265 Bitcoin https://t.co/cNSPM3rOvH pic.twitter.com/uwLfdjaAaD
— HODL15Capital 🇺🇸 (@HODL15Capital) August 21, 2024
Bitcoin Price Slides
The Mt. Gox address still holds 46,164K $BTC worth around $2.74 billion, according to Arkham. In July, the failed exchange started paying back its creditors as part of its rehabilitation plan. It moved a whopping 44,527 $BTC worth around $2.84 billion at the time. This triggered a dump of 3% as bitcoin lost $2,000 in a matter of hours.
The exchange, one of the world’s first $BTC marketplaces, became insolvent after a devastating hack that led to the theft of 850,000 $BTC valued at around $460 million at the time of the incident in 2014.
The latest movement already appears to have caused some panic selling, with bitcoin dropping 3% over the past 12 hours and falling below $60,000 again. At the time of writing, the asset was trading at $59,500, according to CoinGecko.
However, analysts have observed that markets have remained resilient to this onslaught of selling pressure.
With Mt. Gox returning 140,000 $BTC, the German government selling 50,000 $BTC, the US government offloading another 10,000, and a miner sell-off is all pretty much over, pointed out “PlanB.”
He added that there will be a large $12.7 billion cash distribution from FTX in the fourth quarter, which “might be the spark that ignites the pump.”
Periodic reminder.
You can't keep the ball underwater forever.
MtGox returning 140k $BTC, German govt selling 50k $BTC, US govt selling 10k $BTC, miners forced to sell $BTC after the halving … that's all done now. pic.twitter.com/1Qo6i9HzfD— PlanB (@100trillionUSD) August 20, 2024
How Are Altcoins Holding Up?
Crypto markets have lost 2.3% over the past 24 hours, which means that altcoins are suffering more than their big brother. Total market capitalization currently stands at $2.19 trillion.
Ethereum dropped a similar percentage, falling from an intraday high of $2,700, where there is heavy resistance to around $2,590 at the time of writing.
The altcoins are all in the red again, aside from Tron (TRX) which got an 11% boost from a court victory against the SEC this week, and Avalanche (AVAX), up 4.5%.