Bitcoin

Bitcoin Nears $66K as Mt. Gox Moves $130M to Bitstamp

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4 months ago

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Bitcoin (BTC) traded near $66,000 as defunct exchange Mt. Gox began moving its last tranche of the asset to cryptocurrency exchange Bitstamp, which previously led to liquidations in the broader cryptocurrency market.

Arkham Data shows that Mt. Gox transferred more than $2.85 billion worth of BTC to a new wallet in the early hours of the Asian morning on Tuesday. It then sent more than 5,000 BTC, worth $340 million at current prices to one wallet, and another 37,000 BTC, worth $2.5 billion, to another new wallet.

Around $130 million in BTC from 5,000 BTC Wallet was then transferred to Bitstamp, data shows. Moving to exchanges usually signals an intention to sell holdings.

The moves come a day after Mt. Gox transferred small amounts of BTC to Bitstamp, likely as a test transaction.

In early July, Mt. Gox began paying creditors affected by a 2014 hack, with over $9 billion in BTC and $73 million in bitcoin cash. (BCH) will be distributed to traders in the coming months.

Bitcoin fell below $67,000 on Tuesday as Mt. Gox began moving assets, hurting market sentiment as U.S. investors look to start spot trading ether (ETH) exchange-traded funds for the first time at the end of the day.

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