Mt. Gox Makes Gargantuan Bitcoin Transfer as BTC Price Languishes

According to data provided by Lookonchain, Mt. Gox recently moved $3.13 billion worth of Bitcoin to different wallets.

As reported by U.Today, Mt. Gox repayments, which were initially announced in late May, picked up steam in July.

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.

Mt. Gox, which was the dominant cryptocurrency exchange during its heyday, collapsed back in 2014 following a damning hack.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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