Mt. Gox Shows BTC Movement Activity After 3 Weeks of Dormancy

• Mt. Gox moved $784.20 million worth of Bitcoin according to Arkham Intelligence data. 
• The cryptocurrency has witnessed a slight price dip in the last 24 hours.

Bitcoin prices on particular occasions are influenced by external actions. For instance, the German government’s BTC selling caused major price drops in the crypto asset. One other notable action was the Mt.Gox transfers that occurred during the same time as the German government’s BTC selloffs. 

Notably, according to Arkham Intelligence data, the Mt.Gox account transferred 13.265K BTC worth $784.20 million 5 hours ago. The recipient of the tokens was an anonymous wallet identified as “1PuQB”. This caused a price drop in the cryptocurrency, as it slid down below $60K yet again. The exchange had remained dormant for the past few weeks, until the past day. 

Previously, before the exchange made the aforementioned movement, it received 1.265K Bitcoins worth $74.77 million from one of its internal wallets. Mt.Gox had remained dormant for nearly three weeks, before making this movement. 

Additionally, the last transaction occurred 3 weeks ago, when Mt.Gox moved 858.654 BTC worth $56.83 million to a wallet with the address “bc1q4”. Along with this, the exchange also moved 33.964K Bitcoin worth $2.25 billion to another anonymous wallet – “bc1q2”. 

On the other hand, Mt.Gox’s recent transaction, as aforementioned, has resulted in a 2.59% drop in the cryptocurrency. Bitcoin, only yesterday, managed to surpass its resistance at the $60K level but retraced back again today. At the time of writing, Bitcoin was trading at $59,526 according to CMC data. 

Why Does Mt.Gox Activity Witness Excessive Market Interests? 

The Mt.Gox collapse was one of the largest cryptocurrency scams that occurred in the early stages of the sector’s development. Although the amount of funds lost, 950,000 BTC was minimal in price at the time, the value has risen in current prices. 

Due to the exchange’s attempt at compensation and the huge amounts of funds involved, Mt. Gox receives increased attention within the sector. Notably, in June and July, Mt.Gox began transferring huge amounts of the BTC that were lost during the collapse. As aforementioned, this coincided with the German government’s movements. 

Meanwhile, presently, other cryptocurrencies such as Ethereum have also recorded price drops in the last 24 hours. 

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