According to on-chain data from Arkham Intelligence, the defunct Japanese crypto exchange Mt. Gox has moved Bitcoin worth $3.07 billion in the last hour. The exchange’s cold wallet (16eAG) moved 47,229 BTC to an unknown address.
Mt. Gox Begins Bitcoin Repayments
Bitcoin briefly tanked today after Mt. Gox started test trials to move BTC and make repayments. In early Asian trading hours, BTC had tested the $65,000 mark but has now dipped below $63,000.
On-chain data from CoinGecko shows that BTC is currently worth $62,768, a 0.3% decline from an hour ago and a 0.5% dip in the last 24 hours.
According to Arkham Intelligence data, Mt. Gox currently has 138.985K BTC holdings worth around $8.75 billion. Mt. Gox began sending small amounts of BTC 2 weeks ago, the same time the German government began dumping its 50,000 seized BTC.
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Two hours ago, Mt. Gox’s (16ArP) wallet moved 44,0000 BTC worth $2.81 billion to the exchange’s cold wallet. The exchange moved 47.229K BTC worth $2.99 billion to 18vjn….ct9b a an unknown wallet.
In the last hour, the exchange has moved 48.641K Bitcoin worth $3.07 billion to another unknown wallet, 3JQie….YyFrE.
Mt. Gox was once what Binance is today. In 2014, the exchange lost its business to a hack, costing its clients millions in losses. Mt. Gox reactivated its wallets on July 4, creating mass selling fears among investors.
The second largest crypto, Ethereum, has lost a 0.06% value share in the last hour to trade at $3,365. The market just survived Germany’s BTC sell-offs. Just when Bitcoin made a recovery, breaching the $63,000 level, news of Mt. Gox’s movements caused a slight dip.
Historically, selling pressure by the German Government caused bearish sentiment in the market. Will Bitcoin survive Mt. Gox BTC movements?
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Also Read: Bitcoin Near $63.8K Resistance: Can Reach $67k Next Week
