Wallets linked to the bankrupt Mt. Gox exchange recently transferred about 43,000 bitcoins, valued at $3 billion, in three transactions.
Wallets that were connected to the bankrupt cryptocurrency exchange Mt. Gox have completed the transfer of a significant amount of bitcoins during the past few hours. According to information provided by Arkham Intelligence, the Mt. Gox wallet was responsible for the movement of around 43,000 bitcoins, which had a total value of an astounding $3 billion.
Mt. Gox Sends Bitcoins to An Unknown Address
Mt. Gox moved these bitcoins in three separate transactions totaling 12.24 thousand BTC, 14.05 thousand BTC, and another 16.589 thousand BTC, all of which took place over a relatively short period of time, according to the data provided by Arkham Intelligence. Mount Gox, the cryptocurrency exchange that has since gone out of business, is planning to hand up its remaining holdings to its creditors.
There are presently 137,892 Bitcoins stored in the Mt. Gox address, and the exchange has announced that it intends to release a total of 142,000 Bitcoins and 143,000 Bitcoin Cash before the closing date of October 31, 2024.Furthermore, this is the first occasion in the past five years that Mt. Gox has taken Bitcoins out of its wallet and transferred them to another location.
This action is a significant step toward completing the lengthy bankruptcy process and returning assets to those who were impacted by the collapse of the exchange. Established in Tokyo in 2010, the platform quickly gained popularity and emerged as the largest Bitcoin exchange by 2013. It currently manages seventy percent of all bitcoin exchanges that take place around the world.
On the other hand, starting in 2014, it stopped all withdrawals and banned trading. Shortly after losing over 800,000 Bitcoins, the corporation filed for bankruptcy protection and took the website offline. After making another attempt to rise beyond $70,000 on Monday, the price of Bitcoin has corrected once again by 2%, bringing the cryptocurrency down below $68,000.
Following this, Bitcoin’s price has fallen below $68,000. For a considerable amount of time, the price of Bitcoin has been essentially stable within the range of $65,000 to $70,000. In spite of the fact that there have been multiple attempts made for Bitcoin to surpass $70,000, the bulls have not been able to get sufficient support to maintain the momentum going forward.
For Bitcoin bulls to be able to drive the cryptocurrency to its all-time high levels and give it a further breakout, they must first demonstrate that they can successfully break through the $70,000 barrier. On the other hand, the price of $66,000 continues to be an important support for Bitcoin. In the event that this is lost, the price of bitcoin may fall to $64,000, and it could plummet even further.