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Home » Mt. Gox Moves $1 Billion in Bitcoin Again This Month
Mt. Gox Moves  Billion in Bitcoin Again This Month
NFT

Mt. Gox Moves $1 Billion in Bitcoin Again This Month

NFT EveningBy NFT EveningMarch 11, 20250 ViewsNo Comments
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The bankrupt crypto exchange Mt. Gox executed another massive transaction on March 11, transferring 11,833 BTC worth over $930 million. This marks the second time in a week that Mt. Gox has moved a similar amount of Bitcoin, raising concerns about the impact of creditor repayments on the crypto market.

Latest Mt. Gox Transaction Details

According to Arkham Intelligence data, the latest Bitcoin transfer included:

  • 11,501 BTC ($905.1 million) sent to a new wallet.
  • 332 BTC ($26.1 million) moved into a hot wallet.
  • Transaction fee of just $2.13.

The latest transaction follows a similar transfer on March 6, when Mt. Gox moved 12,000 BTC worth over $1 billion. Of that amount, roughly $15 million was sent to BitGo, a custodial service managing creditor repayments. Data from Spot On Chain shows that Mt. Gox’s main wallet now holds only 24,411 BTC, valued at approximately $1.94 billion.

Market Reaction

Immediately after the transaction, Bitcoin’s price dropped 2.4% within 30 minutes, hitting $76,784, according to CoinGecko. The result was the lowest price since November 2023, a period of market optimism fueled by expectations of a Donald Trump election victory.

Market Reaction

However, Bitcoin rebounded quickly, climbing back to $79,275. Arthur Hayes, Chief Investment Officer of Maelstrom, advised investors to remain patient, predicting that Bitcoin might find a local bottom near $70,000 before resuming an upward trajectory.

Read more: Global Markets Tumble Amid Inflation Fears

Mt. Gox’s Impact on the Crypto Market

The collapse of Mt. Gox in 2014 severely damaged public trust in Bitcoin and digital assets. The event raised concerns about security and transparency, prompting stricter regulations from Japan and other governments. This increased legal pressure made it more challenging for crypto exchanges and companies to operate.

Mt. Gox’s downfall also had a major impact on Bitcoin’s price. At the time, the exchange handled over two-thirds of global BTC trading volume, so its failure caused an immediate market crash. Even years later, news of Mt. Gox’s Bitcoin repayments continues to trigger negative market reactions.

However, the incident also led to positive changes in the crypto space. Investors became more aware of digital asset security, adopting safer storage methods. The event accelerated the growth of decentralized storage solutions, with many users shifting to cold wallets and self-custody instead of relying on centralized exchanges. This shift enhanced asset control and minimized third-party risks.

Conclusion

The ongoing Mt. Gox Bitcoin transfers continue to stir market reactions, with investors closely monitoring the next moves in the creditor repayment process. While the immediate impact may cause volatility, analysts believe Bitcoin’s long-term bullish trajectory remains intact. As the crypto industry evolves, lessons from the Mt. Gox saga serve as a reminder of the importance of security, transparency, and investor awareness in navigating the digital asset landscape.

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