worldcoinindex.com
The crypto world is abuzz after defunct exchange Mt. Gox moved a staggering $1 billion worth of Bitcoin (BTC), raising concerns over potential market turbulence. Blockchain analytics firm Arkham Intelligence reported that the exchange, infamous for its 2014 collapse, transferred 12,000 BTC in its largest movement in a month.
Breakdown of the Transfers
Mt. Gox sent 11,833.6 BTC (around $1 billion) from its wallet to a new address, while another 166.5 BTC ($15.1 million) was shifted to a cold wallet. Despite fears of an impending sell-off, no further transactions have been detected.
This follows a smaller movement of just 4 BTC in February. Currently, Mt. Gox-linked addresses still hold around 36,080 BTC, valued at approximately $3.2 billion. The exchange, which once dominated Bitcoin trading, has been gradually repaying creditors after a decade-long legal battle.
Is a Bitcoin Dump Imminent?
The crypto community is split on what this transfer means. Some fear it could lead to heavy selling pressure, dragging Bitcoin’s price down.
“Looks like they’re about to dump,” a user posted on X.
However, Crypto Banter host Fefe Demeny suggests that the US government may now control the moved Bitcoin, linking it to the upcoming White House Crypto Summit on March 7. He speculates that former President Trump could use the event to announce a Strategic Bitcoin Reserve—a move that could shift market sentiment.
Bitcoin Rallies Past $90K Amid Speculation
Despite uncertainty, Bitcoin saw a sharp rebound on March 5, surging past $90,000. Market excitement over a potential US-backed crypto reserve fueled the rally, marking a 3.0% gain in 24 hours. Just days earlier, BTC had dipped below $80,000, reflecting broader market volatility.
With key discussions on regulation, crypto taxation, and government Bitcoin holdings expected at the summit, all eyes are on whether this policy shift could trigger a new bull run—or a sharp correction.