Bitcoin

Impact

Arkham

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-and-impacts-the-market/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin and Impacts the Market</a><br></p>
<p style="text-align: justify">The collapse of the Mt. Gox cryptocurrency exchange in 2014 recently caused fear in the market by transferring a significant amount of Bitcoin (BTC). On May 28, the transfer of 107,547 BTC worth approximately $7.3 billion to an anonymous wallet address led to a 2% drop in Bitcoin’s price. This movement was part of Mt. Gox’s plan to return Bitcoin assets to creditors before October.</p> 
<h2 style="text-align: justify" id="strong-mt-gox-s-major-transactions-and-market-impact-strong"><strong>Mt. Gox’s Major Transactions and Market Impact</strong></h2> 
<p style="text-align: justify">The movement of these funds was recorded by Whale Alert, a Blockchain tracking account, which reported six on-chain transactions involving amounts between 3,999 BTC and 32,499 BTC within a few hours. Blockchain researcher Arkham Intelligence confirmed that these transactions occurred between 04:41 and 07:46 UTC, using multiple Mt. Gox cold wallet addresses, with most transfers involving 2,000 BTC at a time. All transactions are currently directed to a single untagged wallet address holding a total of 107,547 BTC.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-356512" src="https://coin-turk.com/wp-content/uploads/2024/05/Bitcoin-MTgox.png" alt="" width="600" height="955"></p> 
<p style="text-align: justify">The trustee <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">companies</a> managing Mt. Gox’s assets, Nagashima Ohno and Tsunematsu, have not yet responded to questions about the reasons or destination of these transfers. According to data provided by the crypto data and price platform CoinMarketCap, the uncertainty surrounding these large transactions led to a 2% drop in Bitcoin’s price, falling from $69,374 to $67,875.</p> 
<h2 style="text-align: justify" id="strong-analysts-warnings-and-market-sentiment-strong"><strong>Analysts’ Warnings and Market Sentiment</strong></h2> 
<p style="text-align: justify">K33 Research analysts warned last month that Bitcoin’s movements during the Mt. Gox period could scare the market and put pressure on the price of the largest cryptocurrency. The market’s negative reaction to sudden transfers seems to have validated the analysts’ predictions.</p> 
<p style="text-align: justify">Mt. Gox owes over $9.4 billion in BTC to some of its 127,000 creditors, who have been waiting for over a decade to recover their funds following the exchange’s collapse due to numerous unnoticed <a href="https://newslinker.co/category/cybersecurity/" target="_blank" rel="noopener" data-wpel-link="exclude">hack</a> attacks. The final repayment date is set for October 31, 2024, and the trustee began contacting creditors in January to verify their identities and exchange accounts for the repayment process.</p> 
<p style="text-align: justify">The movement of such a large amount of Bitcoin from Mt. Gox’s wallet addresses is seen as a significant event in the <a href="https://en.coin-turk.com/crypto-employment-increased-over-160-since-2019/" data-wpel-link="internal">cryptocurrency market</a>. It highlights the ongoing complexity and impact of the long-standing Mt. Gox fiasco. As the final repayment date approaches, more market volatility can be expected, especially if more large transfers occur.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-and-impacts-the-market/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin and Impacts the Market</a></h5>

Mt. Gox Transfers Bitcoin and Impacts the Market

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