- Mt. Gox’s recent BTC transfer raises concerns about Bitcoin’s price stability.
- Bitcoin’s price surged despite large BTC transfers and market speculation.
- Mt. Gox holds 44,378 BTC, with a portfolio value of $3.93 billion, affecting liquidity.
Mt. Gox attracted a lot of attention in the crypto market after it moved 2,570 BTC, around $228 million, to an unknown wallet. This transfer sparked concern in the crypto community; worried that it may affect Bitcoin’s price.
Bitcoin has had a strong rally, but this transfer may stop the market’s growth and increase the chance of a price pullback.
Arkham data show that Mt. Gox moved 2,570 BTC to a wallet called “1PQZw…DDJtK.” The transaction happened while the market was active.
This transfer follows another transfer of $2.4 billion in BTC between cold wallets connected to Mt. Gox. That transfer was 30,000 BTC, and it sparked questions about Bitcoin’s liquidity and price stability.
Mt. Gox Portfolio: A Closer Look
According to the data, Mt. Gox holds a portfolio valued at approximately $3.93 billion. The exchange’s assets are mostly Bitcoin. It holds 44,378 BTC. Market data show that Bitcoin rose to $88,465, an increase of $7,530.
Read also: Mt. Gox Moves $2.4 Billion in BTC Ahead of Creditor Repayment Deadline
Historically, the exchange’s holdings have experienced fluctuations. At its peak, the stock portfolio was valued at $12 billion during the bull markets of 2017-2018 and 2021-2022.
Bitcoin Price Surge Amid Transfers
Despite concerns about the potential negative impact, Bitcoin’s price surged following the latest Mt. Gox transfers. Bitcoin reached a high of $89,932.05, reflecting a 10.97% increase in just 24 hours.
The market capitalization increased to $1.78 trillion, indicating a growth rate of 10.96%. Additionally, trading volumes increased by 77.49%, reaching $136.71 billion over the previous day.
While Bitcoin’s strong rally shows resilience, analysts continue to watch the market for signs of a potential correction. Mt. Gox’s recent BTC movements could influence short-term price action.
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Source: https://coinedition.com/mt-gox-moves-228m-in-btc-will-this-impact-bitcoins-price/