Significant Bitcoin Movement Triggers Market Reactions
On-chain analysis platform Arkham Intelligence raised concerns on Tuesday as $2 billion worth of Bitcoin linked to the defunct Mt. Gox exchange was transferred from an address associated with the cryptocurrency exchange BitGo.
According to Arkham, a wallet that received $2.19 billion from the now-defunct Bitcoin exchange began conducting test transactions early Tuesday morning. The analysis firm indicated that this wallet likely belonged to BitGo, which is the final exchange responsible for managing distributions to Mt. Gox creditors.
The official transaction of $2 billion took place at 14:40 UTC on Tuesday, involving a total of 33,140 BTC. Other exchanges such as Bitbank, Bitstamp, Kraken, and SBI VC Trade have already begun reimbursing Mt. Gox customers.
In an unexpected turn of events, Bitcoin’s price surged above $60,300 shortly after the news of the transfer broke. Fears related to Mt. Gox had previously led to panic selling among market participants earlier this year, as concerns grew that reimbursed customers might unleash a wave of selling pressure upon receiving their funds.
Arkham’s data indicates that Mt. Gox still holds 46,164 BTC, equivalent to approximately $2.79 billion, a decrease from the 141,000 BTC it initially possessed.
