The post Mt Gox Moves $49.3M in Bitcoin, BTC Price Crash to Worsen? appeared on BitcoinEthereumNews.com.

Defunct crypto exchange Mt Gox has made another significant Bitcoin transfer, raising fresh concerns about its potential impact on market stability. According to blockchain analytics platform Arkham Intelligence, Mt Gox moved $49.3 million worth of Bitcoin (BTC) on December 23, 2024. Breakdown of Mt Gox’s Bitcoin Transfer The transfer included multiple transactions, with $19 million allocated to two newly created wallets. Additionally, $30.6 million was consolidated into a wallet identified as 1MVm…. This marks the second major Bitcoin transfer by Mt. Gox this month. Earlier in December 2024, the exchange made headlines by transferring $102.5 million worth of BTC into three separate wallets. That move triggered a significant market reaction, with Bitcoin prices plummeting over 10% and resulting in $1.18 billion in liquidations across the crypto market, as reported earlier. Analysts are closely monitoring the current transfer for any similar market disruptions. JUST IN: MT GOX MOVING MORE BTC Mt. Gox moved $49.3M in Bitcoin this morning, distributing $19M to two fresh wallets, and moving $30.6M into the final wallet 1MVm. Mt. Gox currently holds $3.45B in Bitcoin. pic.twitter.com/B8mqhf7lLQ — Arkham (@arkham) December 23, 2024 Despite these movements, Mt Gox still retains a substantial Bitcoin reserve of $3.45 billion. Its activities continue to influence the market, especially during periods of heightened uncertainty like the current downturn. Hence, netizens are concerned about a further decline in BTC price. Current Bitcoin Price & Market Conditions Bitcoin price is currently trading at approximately $93,726.42, reflecting a 1.% drop in the past 24 hours. However, the decline coincided with a 36% increase in trading volume during the same period. This suggests a potential shift in trader and investor behavior compared to previous days. From a technical perspective, Bitcoin remains at a critical support level of $92,000. The cryptocurrency has been consolidating within a price…

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Filed under: News - @ December 23, 2024 3:26 pm