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A wallet belonging to the defunct cryptocurrency exchange platform Mt. Gox moved approximately 42,587.49 bitcoin (btc) worth approximately $2.82 billion to a new address at around 5:00 am UTC today.
In chain data A report from Arkham Intelligence shows that Mt. Gox also moved 5,110.16 btc to its cold storage address ending in “1Jbez” during the same period as the $2.82 billion transaction.
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Mt. Gox btc refunds on Bitstamp are imminent
The recent movements of wallets tagged with Mt. Gox appear to be part of the ongoing payment of $9 billion in btc to creditors. At 6:30 am UTC, the exchange transferred 2,238.87 btc valued at approximately $150 million to Bitstamp.
Earlier this month, Bitstamp said it would distribute tokens to creditors as soon as they were sent to the platform. With the recent transfer of the Mt. Gox trustee, the distribution of btc is imminent.
Bracing for a potential sell-off, investors have reduced their portfolios' exposure to btc. This is evident in the over 1% price drop that the flagship cryptocurrency recorded in the past 24 hours. Following this slight pullback, btc bitcoin/”>marketed at $66,500.97 as of 3:35 a.m. EST. Its weekly performance remained positive by more than 5%.
Kraken, another exchange selected by the Mt Gox trustee, received its share of the refunds last week. Meanwhile, Japanese exchanges Bitbank and SBI VC Trade have already received their share of btc. These platforms apparently distributed the allocated funds within hours of receiving them.
btc is still on track to hit its all-time high
Despite a possible sell-off by the rest Mount Gox Renowned trader and analyst Michael van de Poppe believes that btc is on track to revisit its all-time high (ATH) soon.
“bitcoin is back in range and offering plenty of strength,” he said in a July 22 x post.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.863636363636″>
twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin is back in the range and brings a lot of strength.
Crucial areas to maintain:
– $65K
– $61.5-62.5K (practically the lowest range).
If that happens this week then we should be good to continue towards the ATH. image.twitter.com/NVxj3U3hsf
—Michaël van de Poppe (@CryptoMichNL) twitter.com/CryptoMichNL/status/1815303268219900088?ref_src=twsrc%5Etfw”>July 22, 2024
He also noted that $65K and between $61.5K and $62.5K are technical supports that will need to hold this week. If btc maintains a position above these price points, then the cryptocurrency “should be good to continue towards the ATH,” he said.
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