The notorious Mt. Gox exchange caused a stir earlier this Tuesday with a gargantuan $1 billion Bitcoin transfer.
According to Lookonchain data, 10,608 BTC ($927 million) was transferred to a new wallet. At the same time, 893 BTC ($78 million) was sent to a hot wallet, which means that these coins will be on the move in the near future.
This is not the first transfer conducted by the scandal-ridden exchange during this month. On March 11, it sent a similar amount of Bitcoin, with the lion's share of the sum being sent to a new wallet. On March 6, it transferred $1.07 billion to a new wallet.
On Monday, the price of Bitcoin reached an intraday peak of $88,772 on the Bitstamp exchange. However, it is now in the red on Tuesday after plunging by roughly 3% from the aforementioned peak.
It is likely that the enormous Mt. Gox transfer has contributed to Bitcoin's underwhelming price action.
That said, it is also worth noting that U.S. stock market futures are also in the red ahead of key economic data.
Bitcoin soared to the highest level since March 7 on Monday in tandem with major U.S. stock market indices.
Vladislav Sopov
Dan Burgin