Gox moves $2.7B in Bitcoin to new wallet address
Update July 5, 5:41am UTC: This article has been updated to include information regarding ongoing transfers to Bitbank.
Fallen Japanese crypto exchange Mt. Gox transferred 47,229 Bitcoin — worth $2.71 billion at current prices — to a new wallet address in its first major transaction since May.
According to blockchain analytics platform Arkham Intelligence, the exchange transferred bitcoin from “cold storage” on July 5 at 12:30 a.m. UTC.
The move is part of a plan to pay creditors in July. A total of $8.5 billion worth of bitcoins are due to be repaid to creditors.
At 4:15 a.m. UTC on July 5, Mt. Gox moved 1,545 BTC to hot wallet BitBank.
Matt Gox announced that it has completed all necessary steps to begin paying creditors in July, according to a June 24 statement from Matt Gox Trustee Nobuaki Kobayashi.
Many market analysts have predicted that the Mt. Gox lenders have expressed concern over the amount of bitcoin that could hit the market by selling their holdings.
However, other analysts worked to dispel fears of a major sell-off, stating that the total amount of Bitcoin “dumped” on the market is probably worth around $4.5 billion.
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Alex Thorne, head of research at Galaxy Digital, has suggested that many Mt Gox Bitcoin holders may be “diamond-handed” more than expected. They described the potential negative impact of capital gains tax on those who want to sell all their BTC at once.
On May 28, Met Gox transferred nearly $7.3 billion worth of Bitcoins to another unknown wallet address, and the price of Bitcoin dropped as much as 2% after that.
Bitcoin prices fell on July 4th, before declining in the following hours. It is currently trading at $57,226 per TradingView data.
Bitcoin price fell 6.9% on the week but posted a 35.6% gain year-to-date.
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