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Mt. Gox transfers $2.43B in Bitcoin after price surge

Mt. Gox transfers $2.43B in Bitcoin after price surge

GrafaGrafa2024/12/05 13:10
By:Mahathir Bayena

Mt. Gox, the now-defunct cryptocurrency exchange, has moved approximately $2.43 billion worth of Bitcoin (CRYPTO:BTC) following its recent surge past $100,000.

The transfer included 24,052 BTC sent to a new wallet and an additional 3,819 BTC moved to an internal cold wallet.

This transaction occurred shortly after Bitcoin reached a historic high of $103,403, generating significant market speculation.

The wallet address receiving the bulk of the transfer is unmarked, and this move marks the first large transfer from Mt. Gox since November 12.

There is uncertainty surrounding the purpose of this transfer; analysts are questioning whether it signals future repayments to creditors or if it is simply an internal reallocation of funds.

On-chain analytics platform Spotonchain speculates that the new wallet may be an internal address rather than a distribution to creditors.

Currently, Mt. Gox retains 15,826 BTC, valued at approximately $1.63 billion across 31 known wallet addresses.

“Mt. Gox transferred 24,052 BTC ($2.43 billion) to a new wallet ‘1N7jW,’ right after the BTC price broke through the $100K milestone,” Spotonchain reported.

Such large transactions often create ripples in the market and can precede repayments via centralized exchanges.

Recently, Mt. Gox postponed its repayment deadline for creditors to October 31, 2025, leaving many awaiting their Bitcoin repayments.

“Wow, $2.4 billion is no small move; curious to see where it lands,” trader and analyst VinTheApe commented on the situation.

Bitcoin’s rise above $100,000 has been attributed to various factors, including positive statements from Federal Reserve Chair Jerome Powell and geopolitical developments involving Russia.

Kyle Chasse, a Bitcoin veteran, noted that this milestone could trigger FOMO (fear of missing out) among retail investors, potentially driving prices even higher.

At the time of reporting, the Bitcoin (BTC) price was $101,914.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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