In a significant development, the defunct crypto exchange Mt. Gox has once again moved a substantial amount of Bitcoin to unknown wallets. This latest transfer, totaling 13,265 BTC worth approximately $784 million, follows a similar move of $2 billion worth of Bitcoin just a week ago.
As per data from Arkham Intelligence, the transferred funds were divided between two wallets: 1PuQB…nWhTb received $709.44 million worth of BTC, while 1Jbez…LAPs6 received $74.77 million. These funds could potentially be further moved to exchange addresses for repayment purposes.
Mt. Gox has been gradually liquidating its Bitcoin holdings to repay creditors. The exchange has already transferred a staggering $6.14 billion worth of BTC to various exchanges, including BitGo, Kraken, Bitstamp, and others, in the past month. Despite these transfers, Mt. Gox still holds a significant amount of Bitcoin, valued at $2.74 billion at current prices.
Meanwhile, the Bitcoin market has been experiencing some volatility. The cryptocurrency’s price has struggled to maintain support above the crucial $60,000 level, dropping by 2.5% to $59,323. This decline comes after a month of trading within the $50,000-$60,000 range.
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Investors are eagerly anticipating a post-Bitcoin halving rally, especially as miner capitulation appears to be nearing its end. Additionally, Bitcoin whales have been actively accumulating the cryptocurrency during recent price dips. Blockchain analytics firm Santiment reported that whale wallets holding between 100 and 1,000 BTC have accumulated nearly 100,000 coins in the past six weeks.
However, for Bitcoin to initiate a sustained uptrend, it is crucial that it break above the $60,000 resistance level. All eyes are now on the upcoming FOMC meeting and the subsequent speech by Federal Reserve Chair Jerome Powell. Market analysts are closely watching for any hints regarding potential interest rate cuts, which could provide a boost to the cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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