Mt. Gox, the former largest Bitcoin exchange in the world, has made a historic move by transferring approximately 43,000 Bitcoins to an undisclosed address. This transaction, divided into three parts, is the first activity from Mt. Gox’s wallets since it ceased operations five years ago. The value of these Bitcoins is estimated to be around $3 billion.
The transfer caused a 3% drop in Bitcoin’s price initially, as the market reacted to this sudden shift. However, the cryptocurrency market has started to stabilize despite this dip. This move by Mt. Gox is part of its plan to settle its long-standing bankruptcy and distribute assets to creditors by October 31, 2024.
The impact of Mt. Gox’s actions goes beyond immediate market fluctuations. Creditors of Mt. Gox are set to receive Bitcoin repayments soon, as highlighted in a previous CNF post. Although Mt. Gox was unable to recover all of its lost Bitcoins, it still holds about 142,000 BTC and a similar number in other Bitcoin forks. The value of the BTC alone is approximately $5.2 billion.
In terms of Bitcoin’s performance, it has seen a 5% decline in value over the past week but has risen by 6.5% in the last 30 days. 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. Despite several attempts, it has struggled to break past the $70,000 mark.
