Historic exchange Mt. Gox, which has been plagued by its financial collapse, recently made a substantial Bitcoin move, transferring 47,229 Bitcoins worth around $2.71 billion at current prices to a new wallet address.
This notable event occurred at a time when the Bitcoin market is facing a new decline, with the value of the cryptocurrency falling to $55,407.18, showing a 6% drop in value recently.
The transfer, recorded at 12:30 UTC on July 5, is from what is called “cold storage.” According to Arkham Intelligence, the move is part of Mt. Gox’s plan to begin making payments to its creditors later this month, promising to return a total of $8.5 billion in Bitcoin.
Preparations for these payments were confirmed on June 24 by Nobuaki Kobayashi, the administrator of Mt. Gox, who announced that all necessary steps had been completed for repayments to begin in July. Creditors, who have been waiting for more than a decade, are looking forward to finally getting their investments back.
However, there is a split in opinion on the impact of these repayments. Some analysts express concern that a massive sell-off of Bitcoin could further pressure the cryptocurrency’s price. In contrast, Alex Thorn of Galaxy Digital offers a more optimistic view, suggesting that many of Mt. Gox’s creditors tend to be long-term holders, which could lessen the risk of a massive sell-off.
Mt. Gox’s last significant activity was on May 28, when it transferred nearly $7.3 billion worth of Bitcoin to an unknown address. Following this move, the price of Bitcoin suffered a 7% drop. The current price reflects a 10% weekly drop.
Disclaimer:
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/bitcoin-cai-para-us-55-mil-apos-movimentacao-de-carteira-da-mt-gox/
