With the market bleeding heavily on Monday, Mt. Gox orchestrated another massive transfer of 11,833 bitcoins, valued at over $930 million. This spectacular move, the second in just seven days, comes as the Bitcoin price plunges momentarily to $76,000, its lowest level since last November.
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Mt. Gox Moves $930 Million in Bitcoin for Second Time in a Week
This Monday March 11, the defunct crypto exchange, Mt. Gox has transferred 11,833 Bitcoins, the majority of which (11,501 BTC, or $905.1 million) were sent to a new wallet. The remaining 332 Bitcoins, worth approximately $26.1 million, were directed to a hot wallet, according to data reported by Lookonchain and Arkham Intelligence.
The transfer cost just $2.13 in fees. The move comes on the heels of a previous move of 12,000 Bitcoins on March 6, valued at over $1 billion.
Analysts at Spot On Chain suggest that the 332 Bitcoins sent to the hot wallet could be intended to facilitate the repayment of creditors. Indeed, Mt. Gox has pledged to reimburse its customers in full by October 31, a move which explains the substantial displacement of funds.
These movements coincided with a sudden drop in the price of Bitcoin, which fell to $76,784 in just 30 minutes, before recovering to $79,275 shortly afterwards.
Experts divided on Bitcoin’s future in the face of macroeconomic pressures
Arthur Hayes, Maelstrom Investment Director advised investors to “be fucking patient” in a message published on March 11. The expert anticipates that Bitcoin could bottom out at around $70,000 before initiating a significant rebound.
This analysis is in line with that of economist Timothy Peterson, who recently warned of a possible market downturn if the US Federal Reserve refrains from cutting interest rates in 2025.. According to his model, Bitcoin could theoretically fall to $57,000 in a bearish scenario. However, Peterson believes that a bottom around $70,000 is more likely, due to investor behavior.
It’s worth noting that the last time Bitcoin traded close to $71,000 that was on November 6, 2024, just after Donald Trump’s victory in the US elections. The crypto then embarked on a spectacular ascent that saw it cross the symbolic $100,000 mark in early December.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
