As a researcher with a decade of experience in the cryptocurrency market, I have witnessed the rise and fall of numerous exchanges. The recent movement of $3.13 billion worth of Bitcoin by Mt. Gox has certainly piqued my interest, given its tumultuous history.
Based on information from Lookonchain, it appears that Mt. Gox has transferred approximately $3.13 billion in Bitcoin to various wallets.
In my analysis, I noticed a significant increase in the pace of Mt. Gox repayments from customers that was first announced at the end of May, with the tempo really picking up in the month of July, as per the reports by U.Today.
However, Mt. Gox-induced selling pressure might have been overestimated by the market. As reported by U.Today, many Bitcoiners have opted to move their coins to cold storage instead.
Bitcoin is currently trading at $66,409, according to data provided by CoinGecko.
So far, more than 40% of coins have already been distributed to Mt. Gox creditors.
During its peak period, Mt. Gox served as the leading cryptocurrency trading platform. Unfortunately, it suffered a catastrophic collapse in 2014 due to a devastating cyber attack.
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2024-07-31 09:31