Crypto News – Bitcoin Hits $108,000, Mt. Gox Moves 1,619 BTC: What’s Next for Crypto?
Crypto News – Mt. Gox, the now-bankrupt crypto exchange, transferred approximately $172.5 million worth of Bitcoin to an unidentified wallet on December 17, just hours after the cryptocurrency reached a new all-time high (ATH) of nearly $108,000. According to Arkham Intelligence, the exchange moved a total of 1,619.6 BTC, with the transactions split between 1427.9 BTC and 191.7 BTC to two untagged addresses.
Bitcoin Transfers and Wallet Movement
A portion of the larger 1427.9 BTC transfer found its way to a wallet starting with “1DeY”, after passing through an intermediary wallet that contained approximately 108 BTC. The rest of the funds, including the 191.7 BTC, cycled through several wallets before eventually being sent to a wallet beginning with “1KLr,” which now holds 300 BTC. Despite the significant transfer, the reason behind this movement remains unclear.
Past Transactions and Bitcoin Payouts to Creditors
Mt. Gox, which declared bankruptcy in 2014, has a long history of transferring Bitcoin. Past movements have often been followed by creditor payouts, and this latest batch of transactions is no exception. On December 5, Mt. Gox moved 24,000 BTC, valued at nearly $2.5 billion at the time, to an unknown address shortly after Bitcoin crossed the $100,000 threshold for the first time.
Currently, Mt. Gox still controls approximately 36,085 BTC, which is valued at $3.86 billion. Creditors of the bankrupt exchange have the option to receive their payouts in Bitcoin. Despite these movements, the market reaction has been subdued, as Bitcoin continues to trade near $106,500, just slightly below its recent peak of $107,857 on December 16, according to TradingView data.
Creditors Await Payouts: Deadline Extended
In October 2024, the trustee overseeing Mt. Gox’s Bitcoin holdings extended the deadline for creditor repayments by one full year, setting the new deadline for October 31, 2025. According to reports, many creditors have not yet received their repayments, primarily due to incomplete procedures for receiving their funds.
Mt. Gox’s Influence on Bitcoin’s Market Sentiment
Although these transactions are typically seen as bearish due to the large amount of Bitcoin moved, the market has shown resilience. Bitcoin’s price has remained relatively stable despite the Mt. Gox movement, continuing to trade above $100,000 and reflecting the growing maturity of the market as it absorbs such significant movements. As Mt. Gox clears its books and creditors await their payouts, the market will be closely watching any future movements by the exchange and how they impact Bitcoin’s price trajectory.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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