Big Transfer: Mt. Gox Moves Bitcoin Worth $905 Million during Crypto Market Correction

Bittime - The crypto market is currently experiencing great pressure with a significant decline in market capitalization value. On Tuesday, the crypto market recorded a decline to $2.44 trillion, the lowest level since early November.

That sparked massive liquidations, with more than $937 million in the last 24 hours. Amidst this situation, market attention is focused on the huge movement of Bitcoin from the Mt. exchange. Gox who has been in suspended animation for a long time.

Mt. Gox recently moved 11,833 BTC worth around $932 million, further adding to the tension in an already uncertain market.

Mt. Gox Moves Bitcoin in Significant Amount

Mt. Gox, which was once one of the largest crypto exchanges before being caught in bankruptcy due to a hack, recently made a large transfer Bitcoin (BTC).

A total of 11,834 BTC, equivalent to approximately $910 million, was moved to the new address.

Most of it, about 11,502 BTC (worth $885 million), was moved to a new, unknown wallet, while 332 BTC (worth $25.5 million) was moved to a “warm” wallet, which is typically used for active transactions.

This process occurred just days after Mt. Gox moved Bitcoin to BitGo's custodial platform as part of the process of repaying creditors who lost their funds due to the exchange's hack and bankruptcy.

Moreover, the movement of Bitcoin Mt. Gox is always closely watched, given its impact on the broader market.

Impact on the Crypto Market in General

Bitcoin Movement from Mt. Gox has a major impact on the crypto market as a whole, because if creditors choose to sell the Bitcoin they have received, this could flood the market with a large supply of Bitcoin.

This condition could trigger higher volatility, which of course is a concern for investors and traders around the world. Although some creditors have been paid through the Kraken and Bitstamp exchanges, the payment process has not been fully completed and has been extended until October 31, 2025.

Currently, Mt. Gox still holds around 35,915 BTC, worth $2.8 billion. This means that there is still the potential for large movements that could occur in the future, which of course will further influence the dynamics of the Bitcoin market.

Bitcoin Price Correction and Future Predictions

Meanwhile, the decline in Bitcoin prices seen since early March adds to concerns. By the time Bitcoin fell below $77,000, some analysts were starting to make predictions regarding the short-term price.

BitMEX derivatives exchange co-founder Arthur Hayes projected a possible rebound to $78,000. However, he also warned of the potential for higher volatility if this resistance level fails to hold.

Another analyst, Ryan Lee from Bitget also provided two possible scenarios. If Bitcoin price falls further, support in the $70,000-$72,000 range could be tested.

Conversely, if there is a recovery, prices could move to the $80,000-$85,000 range, depending on external factors such as the Federal Reserve's policy and regulatory developments.

Conclusion

Bitcoin movement by Mt. Gox This recent incident adds another layer of anxiety to the already volatile crypto market.

Nevertheless, investors need to pay close attention to how this movement will affect the market further, especially regarding the decision of creditors who accept Bitcoin payments.

Meanwhile, external factors such as global monetary policy and crypto regulations will determine market direction in the future. Thus, we must be prepared for the possibility of further volatility, both in the short and long term.

FAQ

1. What is Mt. Gox and why Bitcoin's movements from these exchanges matter

Mt. Gox is a crypto exchange that was once one of the largest in the world before going bankrupt due to a major hack in 2014.

Bitcoin Movement from Mt. Gox is important because the exchange still holds large amounts of Bitcoin which are funds belonging to aggrieved creditors. If these Bitcoins are sold in the market, it could cause significant changes in the price and volatility of the crypto market.

2. What happened after Mt. Gox moved 11,834 BTC?

After Mt. Gox moved 11,834 BTC worth nearly $910 million, market attention was focused on the possibility that creditors who received the Bitcoin would sell it.

If many decide to sell, this could increase the supply of Bitcoin in the market, which could lead to a drop in price and increased volatility.

3. How do Bitcoin price movements affect the crypto market?

The current decline in Bitcoin prices, coupled with Bitcoin's large movement from Mt. Gox, increasing uncertainty in the market.

Bitcoin prices dropping below $77,000 could trigger further anxiety, with predictions that prices could move lower or experience a recovery, depending on external factors such as monetary policy and upcoming crypto regulations.

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Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

References

crypto news, Coinpedia.org, accessed March 11, 2025

crypto news, Coinmarketcap.com, accessed March 11, 2025

Author: Fkey