Key Points
- Mt. Gox, a defunct Bitcoin exchange, has initiated a series of transactions, moving 44,527 BTC internally to start repaying its debt.
- Despite a decline in Total Value Locked (TVL), Bitcoin maintains strong user engagement with 787,506 active addresses.
The defunct Bitcoin exchange, Mt. Gox, which collapsed in 2014 due to a major hack, has begun repaying its debt.
This has initiated a series of transactions that have caused concerns among market participants about potential mass selling by creditors.
Significant Bitcoin Transactions
Blockchain data indicates that Mt. Gox made two significant Bitcoin transactions.
The first was a test transaction of 0.021 BTC, followed by a larger transfer of 44,527 BTC, valued at approximately $2.84 billion.
These transactions suggest that the exchange is preparing to distribute funds to its creditors.
Market Reaction and Bitcoin Price
Following these transfers, Bitcoin faced renewed selling pressure, with the price dropping below $63,000.
However, despite a 0.14% decline in the last 24 hours, Bitcoin’s price has seen a 10% increase over the past week.
The wallet linked to Mt. Gox currently holds 138,985 BTC, valued at approximately $8.87 billion.
The crypto community is closely monitoring these internal transfers as they are seen as steps towards finalizing the repayment to creditors.
Despite a decline in the Total Value Locked (TVL) in Bitcoin, the cryptocurrency remains highly active with 787,506 active addresses recorded in the past 24 hours.
This level of activity indicates continued strong user engagement and interest in Bitcoin.
