Defunct crypto exchange Mt Gox has made another significant Bitcoin transfer, raising fresh concerns about its potential impact on market stability. According to blockchain analytics platform Arkham Intelligence, Mt Gox moved $49.3 million worth of Bitcoin (BTC) on December 23, 2024.
Breakdown of Mt Gox’s Bitcoin Transfer
The transfer included multiple transactions, with $19 million allocated to two newly created wallets. Additionally, $30.6 million was consolidated into a wallet identified as 1MVm…. This marks the second major Bitcoin transfer by Mt. Gox this month.
Earlier in December 2024, the exchange made headlines by transferring $102.5 million worth of BTC into three separate wallets. That move triggered a significant market reaction, with Bitcoin prices plummeting over 10% and resulting in $1.18 billion in liquidations across the crypto market, as reported earlier. Analysts are closely monitoring the current transfer for any similar market disruptions.
JUST IN: MT GOX MOVING MORE BTC
Mt. Gox moved $49.3M in Bitcoin this morning, distributing $19M to two fresh wallets, and moving $30.6M into the final wallet 1MVm.
Mt. Gox currently holds $3.45B in Bitcoin. pic.twitter.com/B8mqhf7lLQ
— Arkham (@arkham) December 23, 2024
Despite these movements, Mt Gox still retains a substantial Bitcoin reserve of $3.45 billion. Its activities continue to influence the market, especially during periods of heightened uncertainty like the current downturn. Hence, netizens are concerned about a further decline in BTC price.
Current Bitcoin Price & Market Conditions
Bitcoin price is currently trading at approximately $93,726.42, reflecting a 1.% drop in the past 24 hours. However, the decline coincided with a 36% increase in trading volume during the same period. This suggests a potential shift in trader and investor behavior compared to previous days.
From a technical perspective, Bitcoin remains at a critical support level of $92,000. The cryptocurrency has been consolidating within a price range of $92,000 to $98,380 for the last four days. Market experts suggest that a daily close below $92,000 could lead to a further decline, with $84,000 identified as the next significant support level.
Meanwhile, the Relative Strength Index (RSI) indicates that BTC is nearing the oversold territory, which could signal potential upward momentum. Market participants remain vigilant as they assess the implications of Mt Gox’s latest actions.
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Source: https://www.cryptonewsz.com/mt-gox-49-3m-bitcoin-btc-price-crash-worsen/