Bitcoin Price Plummets as Mt. Gox Transfers Over 140,000 BTC
By
Valentina Rossi
1 min read
Bitcoin Price Plummets as Mt. Gox Transfers Significant Amount of BTC
On Tuesday, May 28, the price of Bitcoin experienced a sharp decline to $68,000 following the transfer of over 140,000 BTC, equivalent to approximately $9.365 billion, to an unidentifiable wallet by Mt. Gox. This move has raised concerns and sparked speculations within the cryptocurrency community.
Key Takeaways
- Mt. Gox has revealed plans to redistribute the BTC holdings to creditors before October 31, 2024.
- The transferred BTC has now been consolidated into a single wallet address for the first time in 5 years.
- Mt. Gox, previously a prominent player in the cryptocurrency exchange realm, suffered a massive loss of 800,000 BTC during a hack in 2014.
- Creditors expecting the repayment of BTC may resort to selling, potentially amplifying bearish pressure in the market.
Analysis
The abrupt transfer of 140,000 BTC from Mt. Gox has stirred a significant upheaval in the cryptocurrency market, with the sudden movement of such a substantial amount overshadowing the stability of Bitcoin prices.