Mt. Gox moved customer funds. Bitcoin price dropped

Bitcoin fell 2% after wallets marked as belonging to collapsed cryptocurrency exchange Mt.Gox transferred 75,021 bitcoins worth about $5 billion to an anonymous wallet.

Bitcoin price falls through Mt. Gox?

Whale Alert published posts on X about four transactions that were recorded on the chain. Someone was sending BTC bundles ranging from 3,999 BTC to over 16,500 BTC. And within one hour.

After closer analysis, it turned out that these were as many as 21 transfers and funds sent from Mt.Gox cold wallets. Despite this massive withdrawal of funds, the exchange still holds almost 138,000 BTC worth over $9.36 billion.

It is unknown why someone transferred so much bitcoin to an anonymous address. It's possible it's just about security procedures.

However, the market did not consider all of the above as positive news. The bitcoin price dropped by about 2% to approximately USD 67,500.

But why did the decline occur? It's possible that the market is concerned that Mt. Gox will pay out huge amounts of BTC to its creditors, who will start sending funds to exchanges and a massive sale will begin. However, many analysts have already explained that this is an unlikely scenario. The trustee of the bankrupt stock exchange is to make payments “in installments”, so the stock exchanges will not suddenly be flooded with tens of thousands of bitcoins. In addition, not every former Gox customer will decide to sell their BTC. Especially now, when it is clear that there is a bull market.

Currently, the price of bitcoin is close to USD 68,000.

The fall of a giant

Mt. Gox collapsed at the turn of 2013 and 2014, but as you can see, it still affects the market. Before 2014, it was the largest cryptocurrency exchange. Poor management and lack of sufficient security procedures caused the platform to collapse and it has not been reactivated to this day. It is possible that creditors – Gox customers who kept their bitcoins on Gox at the time of the collapse – will be repaid this year.