blockchainreporter.net
In a significant development, Mt. Gox transferred 12,000.17 BTC, valued at approximately $709.44 million, just four hours ago. This latest movement is a continuation of the large-scale transfers initiated by the now-defunct cryptocurrency exchange as it proceeds with its long-awaited repayment process. The transaction was likely directed to Bitstamp, a major cryptocurrency exchange, further fueling speculation about the ongoing repayment activities of Mt. Gox.
Mt. Gox transferred 12,000.17 $BTC($709.44M) again 4 hours ago, most likely to #Bitstamp.
— Lookonchain (@lookonchain) August 21, 2024
In July, #MtGox transferred 95,523 $BTC($6.14B) to #BitGo, #Bitstamp, #Kraken, #SBIVCTrade and #Bitbank for repayment.
And #MtGox still holds 46,164 $BTC($2.74B). pic.twitter.com/OQtxWtwlg4
This recent transaction follows a series of massive Bitcoin transfers in July, when Mt. Gox moved 95,523 BTC, equivalent to approximately $6.14 billion at the time. The funds were sent to multiple major cryptocurrency platforms, including BitGo, Bitstamp, Kraken, SBIVCTrade, and Bitbank. These transfers are believed to be part of the preparation for repayments to the creditors who have been waiting for years since the exchange’s collapse.
Impact on Bitcoin Price
These large transactions have attracted significant attention, especially considering their potential impact on the Bitcoin market. Historically, large movements of Bitcoin from wallets associated with Mt. Gox have caused fluctuations in the market due to fears of mass liquidation. In the past, similar transfers have been followed by notable price drops, as seen in the chart indicating Bitcoin’s price movement during and after these transactions.
As of the latest data, Bitcoin is trading at $59,393.73, showing a 2.0% decline within the last 24 hours. The market capitalization stands at over $1.17 trillion, with a 24-hour trading volume of $27.59 billion. The circulating supply of Bitcoin is currently at 19.74 million BTC. The market remains highly volatile as traders and investors monitor the aftermath of these significant transactions.
The ongoing movements of Bitcoin by Mt. Gox, including today’s 12,000 BTC transfer, underscore the magnitude of the exchange’s ongoing repayment process. While these actions are a positive step toward settling debts, they continue to stir concerns within the market, highlighting the delicate balance between the supply and demand dynamics of Bitcoin.