Matt Gox Moves 2,500 Bitcoins As Price Approaches $89,000
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Matt Gox transferred 2,500 Bitcoin worth about $222 million when Bitcoin neared $89,000. The exchange holds 44,378 BTC worth approximately $3 billion.
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The Mt. Gox-marked wallet transferred nearly $222 million worth of 2,500 bitcoins to an unknown address starting with “1PQZw2” in the last 30 minutes, according to data monitored by Arkham Intelligence. CoinGecko data shows that the new transaction took place as Bitcoin rose to $89,000.
At the time of reporting, the defunct crypto exchange holds about 44,378 BTC in its wallet, which is roughly $3 billion.
The last step Following the big transfer on November 5, MT Gox moved 32,371 Bitcoin, worth about $2.2 billion, to an unknown address. The new wallet movement continues to draw attention as the exchange is unable to fully resolve compensation claims from its former users.
The schedule for completed payments has been extended. Originally expected to end on October 31, 2024, the deadline has now been pushed back to October 31, 2025, due to ongoing verification and processing requirements for requesters.
Some lenders have reported accepting fiat currency payments into their bank accounts as part of the settlement process. However, many users are still waiting for their full compensation in Bitcoin or Bitcoin Cash.
Bitcoin has tended to respond quickly to Mt.Gox's Bitcoin transfers in the past. However, recent moves seem to be very disruptive to the Bitcoin market.
Following the latest move earlier this month, Bitcoin dipped below $68,000, but has since jumped more than 30%, boosted by Donald Trump's election victory and global currency adjustments, according to CoinGecko data.
However, when full compensation is finally distributed, there is concern that some creditors may choose to sell their Bitcoin holdings, which could impact market prices due to increased selling pressure.
Bitcoin was trading at around $88,500 at press time, up 9% over the past 24 hours.
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