What crypto traders feared most the last few months finally happened to them, and it has not been as bad. Mt. Gox, the defunct crypto exchange, has resumed moving Bitcoin today. In the most recent transaction, Mt. Gox sent Bitcoin worth $75.36 million to a Bitstamp wallet.
Mt. Gox moves Bitcoin for a second time in 12 hours
In the last hour, Mt. Gox has moved 1.265 BTC worth $75.36 million to a wallet in Bitstamp. The recent transaction follows one made 10 hours earlier. Mt. Gox moved 13.265K BTC worth $784.20 million to a unknown wallet address.
The transaction marks the first major transaction since the end of July. The exchange then sent 1,265 BTC worth $74.8 million to the address beginning with “1Jbez,” which Arkham Intelligence identified as a Mt. Gox cold wallet. These are the funds that have moved now.
With the current move, BTC has lost its support at $60,000. Data from CoinGecko shows Bitcoin trading at $59,317, a 2.4% decline in the last 24 hours. This summer, Mt. Gox creditor reimbursements have been a major source of downward pressure on BTC prices.
However, Alex Thorn, head of research at Galaxy Digital, says that the most recent batch of on-chain movement may not result in significant selling pressure. He asserts, “We now think that of the 13,265 BTC moved in this tx, only 1,265 ($74.5 million) is meant to distro, w/ 12,000 going to estate fresh cold storage so, very small.”
According to data from Coinglass, there have been a total of $13.03 million in liquidations in the last four hours, with Bitcoin accounting for $3.88 million. The crypto Fear Greed Index currently stands at 26, showing investors’ fear.
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