Mt. Gox is Now Planning to Move the Rest of 80.5K Bitcoins

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

Defunct crypto exchange Mt. Gox is preparing to move the remaining 80.5K Bitcoins after sending nearly 50K BTC to creditors on Kraken and Bitstamp in the past two weeks.

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 mentioned earlier, Mt. Gox has already moved the first tranche of Bitcoins to creditors on Kraken and Bitstamp in the past two weeks.

Some creditors faced withdrawal issues on the exchanges last week, but those problems have been largely resolved as of now.

After nearly a decade of waiting since the exchange went bankrupt, Mt. Gox is finally preparing to complete the process with creditor distribution.

The current distribution could be the final chapter of the major overhang on the crypto industry for almost a decade, providing the industry with a psychological relief.

On the other hand, the Mt. Gox creditors are also showing a willingness to hold their BTC with diamond hands.

Despite volatility, the Bitcoin price has managed to absorb a large part of the selling pressure effectively.

But on late Monday, BTC once again came under the selling pressure after facing rejection at $70,000.

The above is the detailed content of Mt. Gox is Now Planning to Move the Rest of 80.5K Bitcoins. For more information, please follow other related articles on the PHP Chinese website!