Mt. Gox, formerly the largest Bitcoin exchange in the world, has made a historic move by transferring approximately 43,000 Bitcoins, valued at around $3 billion, to an undisclosed address. This is the first activity from Mt. Gox’s wallets since it stopped operating five years ago. The transfer was divided into three parts and is part of Mt. Gox’s plan to settle its bankruptcy by distributing assets to creditors by October 31, 2024.
The transfer had an immediate impact on the cryptocurrency market, causing a 3% drop in Bitcoin’s price. However, the market has started to stabilize, and Bitcoin is now trading near $67,860, reflecting a modest decline of 1%. Despite the dip, Bitcoin has seen a 6.5% increase in value over the last 30 days and a surge in trading volume by 60% in the last 24 hours.
It is worth noting that Mt. Gox still holds approximately $9.42 billion worth of Bitcoin, and this recent transfer is part of its efforts to repay creditors. Mt. Gox went down in 2014 with over 800,000 BTC, but it has managed to recover around 142,000 BTC and a similar number in other Bitcoin forks.
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. It has struggled to break past the $70,000 mark. The long-term impact of Mt. Gox’s movements extends beyond immediate market fluctuations, as creditors are set to receive Bitcoin repayments soon. This has significant implications considering the amount of Bitcoin involved.