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Bitcoin Corrects As $9,666,000,000 Worth of Mt. Gox Coins Suddenly Start Moving

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by | May 28 | Uncategorized

Mt. Gox Moves Nearly $10 Billion in Bitcoin

Bitcoin reached $67,409 early Tuesday after news broke that the defunct Mt. Gox exchange had moved nearly $10 billion in Bitcoin. Mt. Gox, once the largest Bitcoin exchange, declared bankruptcy after losing most of its coins to theft. The outlet has recovered most of the coins and is in a prolonged bankruptcy process, raising concerns about potential market impact if large amounts of BTC were sold to pay back creditors.

Concerns Addressed by Former CEO

Blockchain platform Arkham reported that Mt. Gox moved around $9.66 billion worth of BTC to three new wallets. Initial concerns about a mass sell-off were addressed by former CEO Mark Karpelès, who clarified that the movements were preparations for a distribution likely to occur later this year, and not an imminent sale.

Bitcoin Price Update

Currently, Bitcoin trades at $67,740.

Source: The Daily Hodl

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