Market Prepares for Repercussions as Mt. Gox Shifts $9 billion in BTC

CNBC

Hey folks.

On July 16, Mt. Gox transferred over 140,000 Bitcoin, valued at nearly $9 billion, to two unidentified addresses and a known cold wallet in only three hours.

Mt. Gox has started releasing assets for the first time in the past two weeks and still has 138,985 Bitcoin (BTC) in its primary wallet, which is valued at around $8.7 billion, according to statistics from Arkham Intelligence.

Almost 96,000 Bitcoin seen by two transactions which had the value over $6 billion, moved to two unknown wallets while the initial 44,527 Bitcoin were sent to a known cold wallet of Mt.Gox.

On July 16, the combined volume of Bitcoin transactions by Mt.Gox amounted to around 190,000 Bitcoin worth more than $12 billion shifted just in 3 hours.

On July 16, the price of Bitcoin almost hit $65,000, but it dropped below $63,000 in a matter of hours.

An hour before the initial Mt. Gox transaction on July 16, the price of bitcoin started to decline, indicating a gloomy market attitude. The price continued to decline as other outflows struck wallets that were not publicly disclosed.

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Posted Using InLeo Alpha