Mt. Gox Prepares to Move the Rest of 80.5K Bitcoins, BTC Under Pressure

After sending nearly 50K Bitcoins in the past two weeks to creditors on Kraken and Bitstamp, defunct crypto exchange Mt. Gox is now planning to move the rest of 80.5K Bitcoins. The development comes at a time when the Bitcoin price faces strong rejection at $70,000 resistance.

Mt. Gox Bitcoins On the Move

As per the data on Arkham Intelligence, a Mt. Gox address (12Rgp) transferred 0.02 BTC worth $1,350 to another address beginning with 1Adb. Similarly, the same address also transferred 0.0001 BTC to the address starting with bc1q. This suggests that Mt. Gox is conducting test transfers before moving the rest of the 80,128 BTC, valued at $5.35 billion, that it currently holds.

As said, Mt. Gox has already moved the first tranche of Bitcoins to creditors on Kraken and Bitstamp in the past two weeks. Creditors faced some withdrawal issues on the exchanges last week, however, they remain largely solved as of now.

The Story is Still building up, stay tuned….

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.