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Bitcoin

Mt. Gox Moves 47,229 BTC Worth $3 Billion, Where Are The Coins Headed?

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The impending Mt. Gox Bitcoin distributions have been looming over the crypto market since the order was granted to begin repaying creditors. Given the massive amount of BTC in the Mt. Gox treasury, expectations are that the distribution will put immense selling pressure on the asset. Now that the coins are starting to move, the crypto market is already responding, despite the repayments not actually starting yet.

Mt. Gox Moves 47,229 BTC To Unknown Wallet

In the early hours of Tuesday, the Mt. Gox Bitcoin wallet carried out a notable transaction that sent ripples through the crypto community. The transaction, which was reported by the on-chain data tracking and aggregation website, Arkham Intelligence, was carrying approximately 47,229 BTC.

Related Reading: XRP Price Set To Skyrocket? Analyst Reveals Why You Should Buy And Hold

A number of initial transactions had originated from a Bitcoin wallet marked as “Mt. Gox” to another wallet marked as the “Mt. Gox: Cold Wallet.” In total, 47,229 BTC was sent to the cold wallet. However, as soon as the coins arrived, they were moved out of the cold wallet to another unidentified wallet.

The value of the BTC coins at the time of the move was approximately $3 billion. To put this in perspective, it is roughly the same amount of Bitcoin sold by the German government over the last few weeks, which sent the Bitcoin price and the crypto market plunging.

Given the volume of BTC, expectations are that if the coins were to hit the market, it would cause a similar decline to what was seen with the German government’s selling spree. In that case, the BTC price could return to the $50,000 territory once again.

Interestingly, this transaction only makes up about one-third of the total amount Mt. Gox is expected to repay to creditors. The bankrupt exchange had previously moved 47,000 BTC, which did not have much of an effect on the market. Around 150,000 BTC are expected to be paid to creditors, worth $9 billion. So, if the total Mt. Gox BTC stash were to hit the market, it could trigger a massive crash.

Bitcoin Price Reacts To The Move

Following the Mt. Gox Bitcoin move, assets in the crypto market have reacted negatively, falling rapidly in response. For example, the BTC price fell from above $64,000 to less than $63,000 in less than one hour, taking the rest of the market down with it.

Related Reading: ADA Investors Beware: Cardano Ambassador Issues Crucial Warning

There has also been a spike in the Bitcoin daily trading volume, rising 44% to over $38 billion. This suggests increased activity among investors, and since the price is falling, it suggests that investors are selling rather than buying BTC at this point.

Bitcoin price chart from Tradingview.com
BTC price reclaims $63,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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