Bitcoin Price Drops Slightly as Mt. Gox Wallet Activity Causes Minor Movement
A substantial amount of Bitcoin was transferred from Mt. Gox wallets to multiple wallets on Tuesday, with one transaction involving around 47,200 Bitcoin, valued at nearly $3 billion. Following this movement, the price of Bitcoin fell below $64,000, as indicated by CoinGecko’s data.
Before this significant transfer, Mt. Gox’s wallet conducted various Bitcoin transactions, including a transfer of 0.021 BTC to an unknown address, possibly a test transaction. The purpose behind the recent transfer remains unclear, but it is speculated to be part of Mt. Gox’s repayment strategy announced in the previous month.
The trustee of Mt. Gox confirmed the initiation of the repayment process on July 5. Some Reddit users reported receiving Bitcoin and Bitcoin Cash from Mt. Gox in their Bitbank accounts as part of the repayment plan, with Bitbank being one of the supporting exchanges for this process.
Notably, the refunds are not directly distributed to holders but are channeled to designated exchanges like Kraken, Bitstamp, SBI, Bitbank, and BitGo. These exchanges have committed to allowing Bitcoin withdrawals for a period of up to 90 days upon receiving the funds.
As of the latest update, the Mt. Gox-associated wallet still contains more than 138,900 BTC, equivalent to $8.7 billion.
This story is evolving, and we will provide further updates as more information becomes available.
