Mt. Gox Wallet Activity Sparks Fresh Concerns Over Bitcoin Market Pressure

21. Aug 2024 Posted by Laurent C. on News

The specter of Mt. Gox-related selling pressure could once again loom over the bitcoin (BTC) market. On Wednesday, a wallet tied to the now-defunct exchange moved a substantial amount of BTC, totaling 13,265 coins, valued at approximately $784 million. Of this amount, 12,000 BTC was sent to an address labeled "1PuQB," as reported by Arkham Intelligence, a blockchain tracking platform.

The remaining BTC was directed to the "1Jbez" address, which Arkham has identified as Mt. Gox's cold wallet. The failed exchange continues to hold more than 46,000 BTC in its reserves. 

Over the past few months, reimbursements to Mt. Gox creditors have played a significant role in exerting downward pressure on the price of bitcoin, a trend that might resurface with these latest movements.