Today, an important transaction involving the Mt.Gox address starting with “18vjn” was recorded. According to Arkham data, this address transferred a significant amount of Bitcoin totaling 42,587 BTC. The value of this transfer is approximately 2.85 billion dollars. This also indicated a major movement in the cryptocurrency market.
Details of the Bitcoin Transaction
Looking at the transaction, it is seen that a large portion of the Bitcoin, 37,477 BTC, was sent to another address starting with “15ypu.” This part of the transfer is valued at approximately 2.51 billion dollars. Such a large transfer to a single address suggests that Mt. Gox is entering a new preparation phase.
The remaining 5,110 BTC, worth approximately 341 million dollars, was transferred to a cold wallet address starting with “1Jbez.” Cold wallets are typically used to store cryptocurrencies offline, providing enhanced security against hacking and unauthorized access. This move suggests that the Mt.Gox address might be prioritizing security for a portion of its assets.
Bitcoin Affected by This Transfer
Following this large-scale transaction, a noticeable impact occurred on the market. The Bitcoin price fell below 66,500 dollars. This drop can be attributed to various factors, including the market’s reaction to the large transfer, concerns about potential selling pressure, or speculations about the reasons behind the movement of such a significant amount of Bitcoin.
Market participants often closely monitor large transactions as they can provide insights into the activities of major holders or “whales” in the cryptocurrency space. The movement of funds from the Mt.Gox address is particularly noteworthy given Mt.Gox’s historical significance in the Bitcoin community. Once the largest Bitcoin exchange, Mt.Gox’s collapse in 2014 due to hacking and bankruptcy left a lasting impact on the market.
Overall, the transfer of 42,587 BTC from the Mt.Gox address to two different addresses had a negative impact on the cryptocurrency market. This is because these BTC will eventually be distributed in the near future. The market can experience such price fluctuations with every piece of Mt. Gox news.
