According to U.Today, the now-defunct cryptocurrency exchange Mt. Gox has recently transferred $352.69 million to two new wallets. This move follows a significant price fluctuation in Bitcoin, which saw its value drop to $92,980 after reaching a new all-time high of $103,608. Data from CoinGlass indicates that the past 24 hours have seen $892.78 million worth of cryptocurrency liquidated, with long positions making up the majority at $718.71 million.
The cryptocurrency market is currently witnessing Bitcoin trading at $97,889, recovering some of its earlier losses. Notably, Mt. Gox also transferred 24,052 BTC, valued at $2.43 billion, to a new wallet shortly after Bitcoin surpassed the $100,000 milestone for the first time. This is not the first instance of significant Bitcoin transactions by Mt. Gox, as the exchange made similar moves last month. Despite these transactions, Bitcoin has continued to rally, experiencing a significant increase in value in November.
Mt. Gox, which declared bankruptcy in 2014 after losing 850,000 BTC, initiated a redistribution process in June. At that time, the market anticipated that the creditors of Mt. Gox would exert considerable selling pressure, leading to a major price correction. However, the repayment deadline has been extended to late 2025, reducing the immediate threat of substantial selling pressure related to Mt. Gox. Consequently, the recent transfers by the defunct exchange have had a minimal impact on the current market dynamics.
