Cryptocurrency

Bitcoin

Arkham

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-to-new-wallet-address/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin to New Wallet Address</a><br></p>
<p style="text-align: justify">Mt. Gox, years ago, gained significant attention in the cryptocurrency world with its collapse. Recently, it transferred 47,229 BTC to a new wallet address, drawing attention. This transfer, valued at approximately $2.71 billion at current market prices, was the first major move by the exchange since May. On the other hand, this move is seen as potentially affecting the <a href="https://en.coin-turk.com/google-updates-advertisement-policies-targeting-cryptocurrency-coin-trusts/" data-wpel-link="internal">cryptocurrency market</a>, causing some fear in the market. This situation indicates typical selling pressure.</p> 
<h2 style="text-align: justify" id="beginning-of-the-repayment-process">Beginning of the Repayment Process</h2> 
<p style="text-align: justify">According to blockchain analysis platform <strong>Arkham Intelligence</strong>, this large transfer occurred on July 5 at 03:30. Before this transaction, Mt. Gox conducted several small test transactions. These tests were preparatory for the large transfer and upcoming repayments.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-368158 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/arkham.png" alt="" width="500" height="613"></p> 
<p style="text-align: justify">Repayments to creditors are part of a process starting this month. The total repayment amount is estimated to be $8.5 billion in Bitcoin. This large-scale repayment plan has raised concerns about its potential impact on the Bitcoin market. Some market commentators fear that selling such a large amount of Bitcoin could lower the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market price</a> due to the sudden increase in supply.</p> 
<h2 style="text-align: justify" id="cryptocurrency-market-concerned">Cryptocurrency Market Concerned</h2> 
<p style="text-align: justify">Concerns are high among market observers. It is believed that the flow of Bitcoin sold by creditors could significantly lower the price. However, some analysts are trying to downplay expectations of a serious selling wave. They claim that the actual amount of Bitcoin to be sold will be less than the total repayment amount. This amount is estimated to be close to $4.5 billion.</p> 
<p style="text-align: justify">Previously, on May 28, <strong>Mt. Gox</strong> transferred Bitcoin worth approximately $7.3 billion to an unknown wallet address. This transfer caused the Bitcoin price to drop by up to 2%. This historical context raises concerns about potential reactions to the recent transfer.</p> 
<p style="text-align: justify">The flagship of cryptocurrencies, Bitcoin, has experienced significant fluctuations recently. On July 4, Bitcoin saw a sharp decline and continued to fall in the hours following the transfer. At the time of writing, Bitcoin had dropped below $57,000. Last week, Bitcoin’s price fell by 6.9%, but it has gained 35.6% since the beginning of the year.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/mt-gox-transfers-bitcoin-to-new-wallet-address/" data-wpel-link="internal">Mt. Gox Transfers Bitcoin to New Wallet Address</a></h5>

Mt. Gox Transfers Bitcoin to New Wallet Address

Table of Contents

COINTURK NEWS

Other articles published on Jul 5, 2024

Ripple Executive Addresses XRP’s Price Drop

Mt. Gox Begins BTC And BCH Repayments

According to this indicator, the biggest buying opportunity is in these eight altcoins!

Crypto Winter Looms: Bitcoin, Ethereum Lead Market Decline

PrimeXBT: A One Stop Trading Exchange For Beginner and Pros Alike

Email Marketing for Crypto and Blockchain Enterprises in 2024

Join our free newsletter for daily crypto updates!