Mt. Gox Moves $700M in Bitcoin, BTC Unmoved at $59K

In the meantime, the rest of the coins were moved to the “1Jbez” address, which is known as Mt. Gox’s offline wallet by Arkham. This inactive exchange continues to possess approximately 46,000 Bitcoins.

As someone who has closely followed the crypto market for several years now, I believe that the Mt. Gox creditor reimbursements have played a significant role in putting downward pressure on Bitcoin’s price this summer. Having witnessed the fallout from previous high-profile hacks and exchange collapses, I can attest to the fact that such events tend to cause uncertainty and fear among investors, leading to sell-offs and price declines. In the case of Mt. Gox, the sheer scale of the hack and the number of affected creditors has been unprecedented in the crypto world, making it a particularly significant event. The ongoing reimbursements to creditors have likely contributed to the bearish sentiment that has dominated the market this summer, as investors may be selling their Bitcoin holdings in order to cover any potential losses or to take profits. Overall, I believe that it is important for the crypto community to learn from past mistakes and work towards building more secure and transparent exchanges, in order to prevent similar events from happening again in the future.

According to Alex Thorn, head of research at Galaxy Digital, the recent activity on the blockchain might not lead to significant pressure for sellers.

The price of Bitcoin has remained relatively stable above $59,000 following the recent transfer of coins from Mt. Gox, according to CoinDesk’s data.