Mt Gox is back in the spotlight after moving over 11,000 bitcoins worth $1.01 billion. This action might be part of the repayment process to creditors or internal asset reorganization.
Mt Gox's Major Bitcoin Transfer
According to Arkham, Mt Gox moved 11,501 BTC from a cold wallet to a hot one and an unmarked address. 893 BTC were sent to hot wallet 1Jbez, and 10,608 BTC were moved to the unmarked address 1DcoA.
Possible Reasons Behind the Moves
It's unclear whether this transfer is internal reshuffling or part of creditor repayments. As of writing, 10,608 BTC remains unspent, while 893 BTC were sent to 1FodPL and then moved to Kraken.
Market Reaction and Future Prospects
Each major transaction from Mt Gox typically triggers a decline in bitcoin's price. The recent transfer pushed bitcoin's price down from $89,000 to $86,500, although it later recovered to $87,000. Mt Gox still holds about 35,583 BTC.
More BTC transfers to designated exchanges for creditor repayments are expected soon. This event could be significant for the market, especially given the potential for further bitcoin price declines.
