Mt. Gox Transfers $1B Bitcoin as BTC Hits $92K – What’s Next?
The post Mt. Gox Transfers $1B Bitcoin as BTC Hits $92K – What’s Next? appeared on BitcoinEthereumNews.com.
Mt. Gox potential creditor distributions are on the radar as Bitcoin’s price remains steady at around $92,000 despite the massive transaction. Analyst Ali Martinez predicts a potential surge toward $150,000 if Bitcoin reclaims the $97,000 level. The once-defunct crypto exchange Mt. Gox has moved 12,000 Bitcoin (BTC) worth more than $1 billion, per blockchain analytics tool Arkham Intelligence. The transfer is made while the price of Bitcoin remains fluctuating, with the current price being around $92,000. Mt. Gox’s Latest Bitcoin Movement Arkham’s data indicates that about 11,834 BTC was transferred to a mystery wallet, “1Mo1n,” and 166.5 BTC was transferred to Mt. Gox’s cold storage wallet, “1Jbez.” This is the largest transfer of Mt. Gox-associated funds since January, when small internal transfers took place. Nevertheless, exchange-associated wallets continue to keep about 36,080 BTC, worth about $3.26 billion. Mt. Gox’s Bitcoin movements have historically fueled speculation about possible sell-offs, especially as creditors await long-overdue repayments, as reported earlier. Some industry observers believe the recent transfer signals preparations for distributions, though no official statement has been made. Crypto analyst Jacob King posted on X, “BREAKING: Over $1 billion #Bitcoin moved from Mt. Gox wallet. Looks like they’re about to dump.” However, the price of Bitcoin has not moved, remaining close to $92,000 even with the huge transaction. While some of Mt. Gox creditors have been paid in fiat, others are waiting for BTC and Bitcoin Cash (BCH) payments. The deadline for repayment by the Mt. Gox trustee has been extended to October 31, 2025. This left everyone in suspense regarding when the creditors will be paid in digital assets. BTC Price Fluctuations & Investor Sentiment Bitcoin recently experienced steep price fluctuations. It hit a record $94,770 on March 3, only to plummet to $82,681 on March 4, before surging back to over…
Filed under: News - @ March 6, 2025 5:24 pm