CandleFocus BTC Drops Under $68K as Mt.Gox Sends $2.2B Bitcoin to Two Wallets
2024-11-05
Author: Content Editor
Defunct crypto exchange Mt. Gox has transferred over 32,000 BTC ($2.2 billion) to new wallet addresses in preparation for future sales. This has caused a drop in Bitcoin prices and increased market volatility. The transfer is part of Mt. Gox's ongoing repayment plan, which has been extended to October 31, 2025. Traders believe that the repayment plan will add selling pressure to the market, as early investors will receive assets at a higher value than their initial investment. Mt. Gox was once the world's leading crypto exchange but suffered a major hack in 2014, resulting in the loss of approximately 740,000 BTC.
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