Bitcoin price starts crashing, as Mt.Gox moves $1B+ worth of BTC [Update]

On May 28, 2024

MtGox crypto exchange moved 75,000+ BTC in less than 6 hours, as a part of the distribution of funds to the MtGox creditors.

Mt.Gox was a well-known Bitcoin exchange that started in 2010. It became very popular because many people used it to buy and sell Bitcoin with regular money. But in early 2014, it was hacked. The people running Mt.Gox tried to hide the hacking incident by changing the records. Many users lost their money. Later, it was discovered that Mt.Gox was also involved in illegal activities, like money laundering and tampering with customer transactions.

In the last 4 hours, the Mtgox trustee transferred a total of 75k+ Bitcoins (BTC) to an unknown BTC address, in a total of three transactions.

Mt. Gox cold wallet transferred 32.49k BTC (worth about $2.2 billion) to the unmarked address: 1JbezD…KLAPs6 at 12:46 UTC+8. https://t.co/tAhuD0Dq4O
— Wu Blockchain (@WuBlockchain) May 28, 2024

The MtGox BTC address currently holds 137.892k BTC. Mt Gox will distribute its holdings of 142,000 BTC and 143,000 BCH to creditors before 31 Oct 2024.

Update:

Today a total of 140k BTC was moved by the MtGox trustee and also an official statement by the MtGox trustee confirmed that they’re currently managing the BTC funds & currently they are not distributing or selling them.

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$10B of Mt. Gox BTC (140K) moved over the last 7 hours

72 different Mt. Gox-linked wallets sent a total of 141,686 BTC in batches of ~2K to 1Jbez, a new wallet that received its first test transaction for $3.65 on 5/20 last week and began receiving larger transactions 8 hours… pic.twitter.com/PaBXqFrnYO
— Arkham (@ArkhamIntel) May 28, 2024

Following these reports regarding MtGox, the majority of the Bitcoin traders started speculations around the potential next move for the Bitcoin market.

Some big & retail Bitcoin investors are now selling their Bitcoin & the degree of sell pressure in the Bitcoin market is visible enough.

The current trade price of Bitcoin is $67,813 & this trade price is 4% down over the last 12 hours. Notably the trade price crashed from $70,500 to $67,344 in the last 12 hours.

Bitcoin price starts crashing, as Mt.Gox moves $1B+ worth of BTC [Update] 1

In this situation, the majority of the Bitcoin proponents are trying to convince the Bitcoin investors to remain positive.

Some people claim that the trade price of Bitcoin will not crash because individual MtGox creditors are not going to sell their Bitcoin, on the other hand, some critics claim that MtGox creditors are not going to hold Bitcoin, instead, they will sell for now to buy later at a discounted price.