Mt. Gox Makes Gargantuan Bitcoin Transfer as BTC Price Languishes

According to data provided by Lookonchain, Mt. Gox recently moved $3.13 billion worth of Bitcoin to different wallets. 

As reported by U.Today, Mt. Gox repayments, which were initially announced in late May, picked up steam in July. 

However, Mt. Gox-induced selling pressure might have been overestimated by the market. As reported by U.Today, many Bitcoiners have opted to move their coins to cold storage instead.     

Bitcoin is currently trading at $66,409, according to data provided by CoinGecko. 

So far, more than 40% of coins have already been distributed to Mt. Gox creditors.

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On Monday, SkyBridge Capital founder Anthony Scaramucci dismissed the impact of Mt. Gox repayments on the trajectory of the market, pointing to strong inflows recorded by BlackRock’s IBIT ETF. 

Mt. Gox, which was the dominant cryptocurrency exchange during its heyday, collapsed back in 2014 following a damning hack. At one point, the Japanese exchange accounted for more than 70% of global trading volume. 

In May, Mt. Gox transfered 140,000 coins to an unknown address in order to prepare for long-awaited repayments. 

Following these repayments, a major bearish factor will be removed, according to cryptocurrency research firm Glassnode. “From a psychological perspective, this represents the final chapter in what has been a major market overhang over the industry since 2013,” the company said. 

Meanwhile, Blockstream CEO Adam Back has already dismissed Mt. Gox repayments as a “nothing burger” while predicting that the leading cryptocurrency could potentially reach a new all time high.