After Mt Gox Transfers 54 Billion in BTC Bitcoin Plummets Below 270

Japan’s cryptocurrency exchange Mt. Gox has transferred 47,229 BTC (valued at approximately $271 million) to a new wallet, marking the first significant transaction since XNUMX month. Giova Movement According to blockchain analytics platform Arkham Intelligence, the event took place around 5:XNUMX AM on March 30 (Bulgarian time).

By the end of May this year, Mt. Gox’s portfolio had received about 137,892 BTC, valued at approximately $945 million at the time. The stock market trend then exerted selling pressure on Bitcoin’s price. In recent days, Mt. Gox conducted several smaller test transactions. This major transfer occurred as the stock market was preparing for an adjustment. It marks the beginning of repaying creditors’ debts this month and distributing BTC tokens with a total value of approximately $850 million. Read more:

Bitcoin investors turned $600 into $70,000 Market observers are concerned about the potential impact of releasing such a large amount of Bitcoin into the market, fearing that Mt. Gox creditors, who have been unable to use their holdings for over a decade, might sell off Bitcoin. However, some analysts suggest that the actual amount could be close to $450 million, which could reduce the risk of large-scale market turmoil. Despite these positive forecasts, however, at the time of writing this article, Bitcoin is trading at a price of $53,860, reflecting an 8.6% decline over the last 24 hours and over 12.4% for the week.

The transfer occurred at 03:30, and it seems that the news about this message helped the cryptocurrency’s price break through the $55,500 level, as it began to fall shortly thereafter.