Mt. Gox Moves Nearly $9 Billion in Bitcoin, BTC Price Reacts
The Mt. Gox cold wallet has begun moving billions in Bitcoin. In the last few hours, the wallet moved bitcoin worth almost $9 billion, according to Arkham data.
Key points:
- Mt. Gox cold wallet transfers 47,229 BTC (approximately $3 billion) to an unknown address.
- An additional 44,527 BTC ($2.84 billion) moved to another wallet
- Mt. Gox still retains 138,985 BTC (about $8.73 billion) in its main wallet
- Latest movement include sending 48,641 BTC to another wallet address 3JQi..
The first transaction was from Mt. Gox (16ArP) wallet to its cold wallet. The exchange moved 44,527 BTC worth around $2.84 billion to its cold wallet.
Shortly after the initial transfer, a second movement of 47,229 BTC, worth approximately $2.99 billion was made. This time, the funds were moved to a different wallet.
The latest transaction involved the movement of 48,641 BTC worth around $3.07 billion to 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE wallet. Arkham identified that the wallet is mostly likely associated with Kraken. Kraken is also involved in repaying the creditors.
Bitcoin price reacts to Mt. Gox BTC movement
Despite these large transfers, Mt. Gox still holds a considerable amount of Bitcoin. According to data from Arkham Intelligence, the exchange’s main wallet holds 138,985 BTC. The current valuation of the holdings is approximately $8.73 billion.
Bitcoin’s price experienced a slight dip following the transfers. BTC was trading as high as $65,000 before the movement happened.
Also read: Chainalysis Highlights Rising Usage Of Crypto For Money Laundering
However, the price has now fallen to the $62,700 level. Ethereum is no exception, as it fell to the $3,300 level from a 24 hour high of $3498. The global crypto market cap is also down by 0.5% in the last 24 hours.
UPDATE (July 16, 13:50 UTC): Added details about 3JQi wallet which was identified as belonging to Kraken.
