Several hours ago, Mt. Gox demonstrated Bitcoin activity following its recent operation on the 1st of November. Following the transaction, the price of Bitcoin has declined to the $68K level. From the beginning, the influence of external factors on the cryptocurrency market has not been novel. As the US elections are set to commence in the next few hours, community members eagerly anticipate the results. In the meanwhile, amidst these tensions, Mt. Gox, the previously bankrupted crypto exchange, displayed new activity approximately 6 hours ago.
It is worth noting that a few months ago, in July and August, the crypto exchange made several announcements. Its transactions, which coincided with the German government’s Bitcoin sales, had a significant impact on the Bitcoin price at that time. Currently, after nearly two months of inactivity, Mt. Gox has resurfaced.
According to data from Arkham Intelligence, Mt. Gox transferred 32,371 BTC tokens from its cold wallet to another anonymous wallet, “1FG2C,” 6 hours ago. Following this, it also transferred 2K BTC to another wallet with the address “15gNR”. Its previous activity took place on the 1st of November, when the exchange moved 1026.95 BTC tokens to other addresses.
Over the past few months, the crypto exchange has been moving large amounts of Bitcoin to pay off its creditors. In addition, Mt. Gox has initiated payments for its creditors, a process that is still ongoing. Mt. Gox’s repayments were a major market event in Q2 2024.
Post Recent Mt. Gox Movement: Bitcoin Price Overview
Influenced by Mt. Gox’s activities, Bitcoin’s price has dipped to the $68K level following its recent drop to $69K. The previous decline happened after Mt. Gox’s activity on the 1st of November. In the last 24 hours, BTC has factored in a 0.54% and is currently trading at $68.4 levels. At the time of writing, Bitcoin was trading at $68,478 as per CMC data.
In October, the cryptocurrency approached its ATH at $73,500. Additionally, it managed to remain above the $70K threshold until the recent activity of the crypto exchange. Therefore, the activity of the crypto exchange can be interpreted as having a significant influence on Bitcoin’s bearish movements.
Lastly, Mt. Gox has not made any recent official announcements regarding creditors’ repayments, leading to increased uncertainty about its future activities. However, the exchange’s former CEO announced plans for a new crypto exchange platform in September.
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