As Mt.Gox prepares to close, noticeable Bitcoin transfers are observed on-chain, sparking interest in the impact on the market.
Mt.Gox's Recent Bitcoin Transfers
According to Arkham Intelligence, Mt.Gox transferred 191.678 BTC, valued approximately at $20.42 million, to a new address bc1q6h...gf9zaa. Additionally, 1,428 BTC worth about $152 million was sent to address 13JrY5...MVZJCX. Now, Mt.Gox holds 36,085 BTC, worth about $3.84 billion, which will be distributed to creditors via various cryptocurrency exchanges.
Impact on the BTC Market
The closing of the Mt.Gox saga is a significant milestone for the Bitcoin industry amid the mainstream adoption of digital assets and web3 products. The distribution of Mt.Gox BTC has previously been seen as a factor generating short-term bearish sentiment. Most Mt.Gox creditors are retail traders who would require purchasing altcoins to compensate for lost time over the last decade.
Bitcoin Market: Current Dynamics
Bitcoin's price surged over 2% in the past 24 hours to trade at around $106,591 on Tuesday, December 17, during the early European session. Consequently, Bitcoin's market cap surged to over $2.11 trillion, with Satoshi’s BTC holding surpassing the combined estimated wealth of Bill Gates.
The Mt.Gox shutdown and related Bitcoin transfers could significantly impact the market, particularly for retail traders. Attention will be on how these shifts affect pricing and the overall dynamics of the cryptocurrency market.
