Mt. Gox Transfers 12,000 BTC, Raising Eyebrows Within the Crypto Community

Mt. Gox, the defunct cryptocurrency exchange, has made headlines again by transferring around 12,000 BTC—valued at approximately $709.44 million—to a new wallet address late on Tuesday night

Defunct cryptocurrency exchange Mt. Gox made headlines again late on Tuesday night by transferring around 12,000 BTC—valued at approximately $709.44 million at the time—to a new wallet address, according to blockchain analytics firm Arkham. This significant movement occurred at around 11:39 p.m. UTC, raising interest within the crypto community.

The funds were sent to wallet address “1PuQB…nWhTb,” alongside another transfer of 1,264.69 BTC, valued at $74.77 million, to a cold wallet identified as belonging to Mt. Gox. These funds have not yet been moved to other addresses.

Following these transactions, the crypto market cap and daily trading volume recovered, and Bitcoin prices surged. Daily trade volume climbed 48.31% and market price jumped 4.48%. Bitcoin was trading at $60,980 at the time of writing. This move seems to be increasing the liquidity in the market, which is evident by the market being bullish and BTC trading above the $60k mark, indicating strong bull interest in the leading cryptocurrency.

This transfer follows a previous movement last week, where BitGo, a cryptocurrency custody service, reportedly moved the majority of around $2 billion worth of bitcoin that it received from Mt. Gox to a separate wallet. These actions are fueling speculation that the long-awaited creditor repayments from Mt. Gox may be nearing completion.

Mt. Gox was once the largest bitcoin exchange in the world before it closed down after suffering a catastrophic security breach in إفريل 2014, which resulted in the loss of at least 850,000 BTC. Thousands of creditors have been waiting for their bitcoin to be returned, and the process has been slowly unfolding over the past weeks.

The recent large movements of bitcoin associated with Mt. Gox suggest that the repayment process is moving forward, possibly indicating that creditors may soon receive their long-overdue funds. This resolution could mark a significant moment in the history of cryptocurrency exchanges and their commitment to rectifying past wrongs.

Bitcoin is currently trading at $60,495, a key level that could determine its short-term direction. To keep moving up, it needs to stay above this point and break past $62,729, which aligns closely with the daily 200-moving average at $62,842—a crucial indicator of market strength. Holding above this average would likely spark renewed bullish momentum.

However, if Bitcoin falls below $60,000, it could trigger negative sentiment and increased selling. Despite ongoing volatility, many believe strong fundamentals and rising institutional interest will continue to drive prices higher in the long run.

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