- Mt. Gox transferred $3.2 billion in Bitcoin to Bitstamp and unknown addresses
- Experts warn that such large sales could affect Bitcoin’s price action
- Bitcoin remains strong in the market despite recent movements
Mt. Gox Transfers Billions in Bitcoin
The latest crypto industry news is that Mt. Gox is continuing its creditor repayment activity with new movements in Bitcoin. A few hours ago, the defunct exchange, through its Trustee, moved about $3.2 billion in BTC, sending the funds to Bitstamp and other unknown addresses.
Some experts say that sales of these amounts could have an impact on Bitcoin’s price action. However, the cryptocurrency seems to be holding its own in the market at the moment. You can find all the details below.
Impact on Bitcoin Price and Market
There was a $3.2 billion outflow in Bitcoin. Arkham Intelligence reports that Mt. Gox has moved significant amounts in Bitcoin again, which could cause some disruption in the cryptocurrency exchanges.
Since this morning, more than 47,500 Bitcoins, worth nearly $3.2 billion, have been moved. These coins will be used to repay the exchange’s creditors, who were affected by a major hack in 2014. Mt. Gox currently has a positive balance of 90,344 Bitcoins, or just over $6 billion.
Breakdown of Transactions
After following the transactions tagged by Arkham as coming from Mt. Gox entities, we noticed that this morning’s sum was moved in two parts. The first, the larger one with 42,587 Bitcoins, was sent at 5:06 UTC. These funds were sent to an unknown address beginning with 15yPU.
The second, smaller transaction with 5,110 Bitcoins was processed at 6:27 UTC and involved both the unknown address 1JKMS and the Bitstamp exchange. Specifically, 2,239 Bitcoins were deposited on Bistamp, while traces of 2,871 coins emerge as the balance at the above address.
We don’t yet know exactly how many of these coins were sold for dollars and how many are in the process of being liquidated in the coming hours.
