- Mt. Gox transferred 11,833.6 BTC worth $931 million, fueling speculation amid ongoing market volatility.
- Bitcoin dropped to $76,000, while Ethereum fell below $1,800, marking the lowest level since October 2023.
- The final repayment deadline for Mt. Gox creditors has been pushed to October 31, alleviating immediate selling pressure concerns.
The former cryptocurrency exchange Mt. Gox sent away $931 million worth of Bitcoin before it ceased operations. Mt. Gox conducted a BTC transaction by transferring 11,833.6 Bitcoins to two different wallets – 11,501.58 BTC went into a new wallet while 332 BTC arrived in the warm wallet.
Mt. Gox conducted its second massive Bitcoin exchange during this month. On March 6, the exchange executed a $1.07 billion Bitcoin transfer to a new wallet, along with another $15 million move. Crypto market stability continues to generate speculation among the crypto community from these new activity patterns.
Market Reacts to Crypto Sell-Off
Recent transfers match a rapid decline of cryptocurrency market value. In early March, Bitcoin declined to $76,000 before Ethereum registered its October 2023-low price at $1,800. Large asset transfers continue to cause market uncertainty because they strengthen investor apprehension and reduce market liquidity.
The exchange, which collapsed in 2014, began repaying creditors in July 2023. Despite initial concerns over selling pressure, previous repayments did not lead to major market disruptions. The final repayment deadline has now been extended to October 31, providing more time for distributions and potentially mitigating immediate market shocks.
Crypto Community Remains Watchful
Mt. Gox’s large transactions continue to draw attention. Given its past dominance in the Bitcoin trading space, each transfer triggers speculation about potential sell-offs and their effect on market dynamics. The platform once handled nearly 70% of global Bitcoin trading volume before its collapse.
