HODL

Bitcoin

The last 24-hours saw Bitcoin’s price reach nearly $65,000 after multiple weeks of price suppression which saw the world’s largest crypto asset fall to as low as $54,000.
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However, this return of market sentiment has been cut short this morning, with massive Bitcoin transfers from defunct crypto exchange Mt Gox.
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Here’s what has happened so far…
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<h3 id="span-span-strong-mt-gox-tuesday-transfers-strong-span-span">Mt Gox’ Tuesday Transfers</h3>
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[5:13am UTC] Mt Gox’ Bitcoin wallet address transfers a tiny 0.021 BTC to an unknown address. This was presumed to be a test transaction before much larger transfer(s).
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[6:39am UTC] Mt Gox makes an internal transfer of 44,000 BTC (worth around $2.8 billion
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[6:49am UTC] Mt Gox transfers a whopping 42,588 BTC (worth around $2.7 billion) to an unknown address.
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[8:12am UTC] Mt Gox sends 48,641 BTC (worth around $3.1 billion) to an unidentified address.
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<h3 id="span-span-strong-what-it-means-strong-span-span">What it Means…</h3>
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In the space of just ~3 hours, Mt Gox has sent approximately $5.8 billion worth of Bitcoin to seemingly external addresses.
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Unsurprisingly, this has prompted fears in the sector that the defunct exchange’s near-$9 billion repayment plan is about to take effect, with recipients that have waited a decade to recover their assets, ready to offload their new holdings into the market.
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The repayment plan is the product of a series of 2014 exploits that saw the exchange, and its users, robbed of more than 950,000 BTC.
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The silver lining is that Mt Gox is not, itself, selling assets directly into the market, as was the case with the German government and the 50,000 BTC it seized in relation to a piracy website.&nbsp;
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Therefore, it is possible that, once their assets are reclaimed, affected users will HODL their newfound crypto, rather than allowing it to become additional market sell-pressure. To many, however, this is merely wishful thinking…&nbsp;

Mt Gox Sends Bitcoin Downwards with $5.8B in BTC Transfers

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