Mt. Gox moves Bitcoin worth nearly $2.8 billion

• Mt.Gox has moved over 44,500 BTC worth over $2.8 billion to an internal wallet.
• The price of BTC fell slightly after the transfer, retreating to around $62,835.

On-chain data shows a wallet linked to Mt. Gox has just moved more than $2.8 billion worth of Bitcoin.

The huge transfer comes as Bitcoin price looks to hold gains seen since last weekend’s attempted assassination of Donald Trump.

Mt.Gox transfers over $2.8 billion in BTC

On Tuesday, Lookonchain shared details of a large BTC transfer.

Citing data tracked by blockchain analytics firm Arkham, the platform said the transfer originated from the wallet of defunct crypto exchange Mt. Gox.

The said Mt. Gox wallet moved over 44,500 BTC worth over $2.84 billion, with this going to an internal wallet. Market anticipation is that the exchange’s trustee could be preparing for a repayment round following an announcement in late May.

Mt. Gox moved 47,000 bitcoins last month ahead of the expected repayments commencement date this July. As then, Tuesday’s transfer saw the price of BTC slip slightly from above $63,000.

Analysts at Bitfinex said in a report on Monday that while positive news will continue to dictate BTC movement, the threat of fresh sell-off pressure remains. Mt. Gox, which currently holds 138,985 BTC worth over $8.8 billion, is likely to be one source of this anticipated downside pressure.  

“Crypto asset prices in general in the current period have been determined by the news agenda, rather than fundamentals. Selling pressure concerns have not completely disappeared as Mt. Gox creditors are also scheduled to receive their BTC payouts over the next couple of weeks. We expect these headlines to continue to have some impact on price before a complete pricing in of the situation,” Bitfinex analysts wrote in the weekly report.

Bitcoin currently trades around $62,835.

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