Mt Gox Shifts $9B of BTC in Three Hours But Bitcoin Continues to Rise
Mt Gox has shifted 140,000 Bitcoin, worth around $9 billion, in just three hours. But despite market fears, Bitcoin's price has continued to rise.
Yesterday, 96,000 BTC was sent to two unknown wallets while 44,527 BTC was sent to a Mt. Gox cold wallet. 42,587 BTC was sent to an unknown address ending in “BHDct9b” and 4,641.24 BTC was sent to "Mt. Gox: Cold Wallet (1Jbez).” 48,641 BTC was sent to another unknown address.
The combined volume of transactions totalled 190,000 BTC but Arkham data shows that Mt. Gox still holds 138,985 BTC in its main $8.7 billion wallet.
However, although suffering a slight dip from $65K to $62K following the news, Bitcoin's price has since risen beyond yesterday's level.
BRN analyst Valentin Fournier believes that the rebound "shows that Bitcoin's momentum is resilient and that it could extend to higher levels."
"The last 5 days saw the largest continuous gains from Bitcoin since its ATH in March. As we were saying yesterday, the narrative of mass adoption fueled by the launch of Ethereum ETF could keep pushing Bitcoin to higher levels until the said launch of these ETFs where inflows will be closely monitored," he explained.
"As Bitcoin keeps breaking resistance and is not in overbought positions yet, we believe it will keep going, potentially retesting $70,000 by next Tuesday."
Yesterday, Mt. Gox moved $6 billion out of its $9 billion $BTC holdings from its main wallet as part of its repayment plan. This resulted in a brief dip to $62,400, followed by a strong rebound.
— BRN (@thebrn_co) July 17, 2024
Open thread 🧵 (1/4)
Earlier this month, Bitcoin slid under $55K when Mt Gox transferred 47,229 BTC from cold storage. The bankrupt Japanese crypto exchange, which previously announced that distributions would commence in July, transferred 47,229 BTC from cold storage according to Arkham.
Mt.Gox, which derived its name from "Magic: The Gathering Online EXchange" as it began as a trading platform for the collectable card game, was responsible for over 70% of Bitcoin transactions back in 2014. That year, the platform suffered a hack in which it lost 850,000 BTC. At the time, its value was $450 million; it's now worth over $7 billion.