Mt. Gox Moves $2.71 Billion BTC, 1544.7 Bitcoin Sent To Bitbank

 
Vignesh Karunanidhi
Written By 
Vignesh Karunanidhi
 
Harsh Chauhan
Edited by 
Harsh Chauhan
July 5, 2024

Mt. Gox, the defunct crypto exchange, has begun moving large amounts of Bitcoin as part of its long-awaited repayment plan. This action, coupled with movements from government-held wallets, has led to a sharp decline in Bitcoin’s price.

Breaking Down the Bitcoin Movements

According to blockchain intelligence firm Arkham, Mt. Gox wallets transferred 47,229 BTC, valued at approximately $2.71 billion, from their cold wallet in the past 8 hours.

Of this amount, 2,701.8 BTC ($148.4 million) was moved out of Mt. Gox wallets, with 1,544.7 BTC ($84.9 million) sent to Bitbank and 1,157.1 BTC ($63.6 million) transferred to an unknown counterparty.

The Mt. Gox Trustee, Nobuaki Kobayashi, has officially announced the commencement of the repayment plan. Despite these transfers, Mt. Gox wallets still hold a total of 138,985 BTC, valued at $7.52 billion.

Adding to the market pressure, Arkham data reveals that the US government wallet moved 237 BTC, while the German government transferred 500 BTC in the last 24 hours.

The cumulative effect of these large-scale Bitcoin movements has been a major downturn in the cryptocurrency’s price. Bitcoin has plummeted to the $54,000 level, reflecting market anxiety over the Mt. Gox distribution.

While the crypto market started off on a positive note on July 1, the market suddenly reversed course. The FUD created due to the large-scale movement of BTC has triggered panic liquidation. This has caused the overall crypto market cap to plunge by 7% in the last 24 hours

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Vignesh Karunanidhi
Written by Vignesh Karunanidhi

Vignesh Karunanidhi is a journalist at CryptoNewsZ with a knack for making complex financial topics accessible and entertaining. He has written for several leading platforms in the crypto space, including Cryptopolitan, WatchGuru, and Airdrops.io. His articles in CryptoManiaks and The Coin Republic have shown his expertise in market analysis and innovation. His work has also been featured on BeInCrypto and Captain Altcoin, where he writes about the factors that affect crypto prices. Through his writing and strong social media presence, he has built a community of crypto enthusiasts who want to stay updated. As he is ionate about blockchain’s future, he continuously analyzes trends to provide valuable insights.