Around 600 BTC were moved from an Mt.Gox wallet raising fears of 150,000 Bitcoin dump


  • Mt.Gox was a cryptocurrency exchange that got hacked but still needs to distribute around 150,000 BTC.
  • It seems that an Mt.Gox cold wallet just sent 600 BTC to another wallet.

According to Whale Alert on Twitter, an Mt.Gox cold wallet just sent 600 BTC to another wallet. Although this particular transaction is not that big, it has raised concerns that Mt.Gox might be distributing the 150,000 BTC left already.

After years of legal battles, Mt.Gox trustees appointed by the Tokyo District Court will distribute around 150,000 BTC among its creditors. December 15, was the deadline for the rehabilitation process, which means the Trustee must have already provided a clear plan. 

Bitcoin price dives by 2% but recovers quickly

In the past 24 hours, Bitcoin has dropped from a high of $24,100 to a low of $22,600. However, this movement is attributed to XRP which lost more than 50% of its value in the past 48 hours, dragging the market with it. 

BTC/USD 4-hour chart

It’s still unknown if the address is truly coming from an Mt.Gox wallet, but investors are concerned. It’s also important to note that the market, and especially Bitcoin, are ready for a correction after a massive rally. 

If the bulls can defend the 50-SMA on the 4-hour chart, Bitcoin price can rebound towards the last high of $24,100 and then target a new all-time high as there is still very little resistance to the upside.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC price surges despite threat of crash to $36k

Bitcoin price shows lackluster performance after the recent crash, giving rise to the credibility of the run-up to $50,000. As the September 24 daily candlestick bathes in red, the chances of an uptrend continue to diminish.

More Bitcoin news

XLM Price Prediction: Stellar traps bulls as it targets $0.195

Since Wednesday, the Stellar (XLM) price has been paring back losses, but price action has already started to fade on XLM. Bulls cannot push the price above $0.30, and XLM price has startedto form a bull trap.

More Stellar Lumens News

Polkadot Price Prediction: DOT will hit $40 by October

Polkadot (DOT) bears are scrambling to cash in on their profits as price action for DOT reverses quite rapidly, with bulls overtaking control and pushing price action back toward levels achieved before the correction began. 

More Polkadot News

PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’

China’s central bank cracks down on illegal financial activities from overseas cryptocurrency exchanges. The recent announcement marks the People’s Bank of China's (PBoC) strongest move against cryptocurrency mining and trading to date. 

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP