Bitcoin

Mt. Gox, the collapsed crypto exchange, has moved 12,000 Bitcoin (BTC) worth over $1 billion to an unidentified address, marking one of its most significant transfers in recent times. According to <a href="https://intel.arkm.com/explorer/address/1Mo1nW5ZM5m2tx9qMsYm2YJxGn3TeS9gR9" rel="noopener noreferrer nofollow">Arkham Intelligence</a>, the transaction occurred within the past hour, just as Bitcoin’s price soared to the $90,000 mark.<h2 id="header-0">Mt. Gox’s Latest Bitcoin Transfers</h2>The Mt. Gox-labeled wallet was also active on Wednesday evening, transferring 166,505 BTC valued at approximately $15 million to its cold wallet. These recent movements come after a prolonged period of inactivity since December 2023, when the entity moved $172 million worth of Bitcoin.Despite these transactions, Mt. Gox still holds over 36,000 BTC, estimated to be worth $3.3 billion at current market prices.<h2 id="header-1">Creditors Await Repayment as Deadline Extends</h2>As part of its ongoing bankruptcy proceedings, <a href="https://cryptosnewss.com/mt-gox-transfers-500-btc-creditor-hopes-rise-amid-sell-off-fears/" rel="noopener noreferrer nofollow">Mt. Gox</a> has extended its repayment deadline from October 31, 2024, to October 31, 2025. The extension was attributed to verification and processing requirements for claimants. While some creditors have received fiat currency payments, others are still waiting for compensation in Bitcoin and Bitcoin Cash (BCH).<h2 id="header-2">Will These Transfers Impact Bitcoin Prices?</h2>Historically, large BTC movements from Mt. Gox wallets have raised concerns about potential sell-offs that could affect Bitcoin’s price. However, recent transfers have had minimal immediate impact on the market.At the time of writing, Bitcoin is trading at approximately $90,100, reflecting a 4% increase in the last 24 hours, according to TradingView data. Nonetheless, market participants remain vigilant about possible selling pressure once creditors receive their full payouts.<h2 id="header-3">Conclusion</h2>The latest movements from Mt. Gox’s wallet reignite discussions on its impact on Bitcoin’s supply and price trends. While no immediate market shock has been observed, long-term implications will depend on how creditors handle their holdings once funds are distributed.The post<a href="https://cryptosnewss.com/analyst-predicts-dogecoin-could-reach-new-all-time-high/" rel="noopener noreferrer nofollow"> </a><a href="https://cryptosnewss.com/mt-gox-wallet-sends-over-1b-in-bitcoin-what-it-means-for-the-market/" rel="noopener noreferrer nofollow">Mt. Gox Wallet Sends Over $1B in Bitcoin – What It Means for the Market</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">CryptosNewss.com</a>

Mt. Gox Wallet Sends Over $1B in Bitcoin – What It Means for the Market

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