Mt Gox Moves Nearly 47,229 BTC Ahead of $9 Billion Payout

Mt Gox, the defunct cryptocurrency exchange, has moved over 47,000 BTC to another wallet ahead of its impending $9 billion payout to creditors. This move could potentially add substantial selling pressure to the market as the additional supply is absorbed. The exchange announced it would begin distributing funds to its creditors in early July, including bitcoin, bitcoin cash and fiat currency. Bitcoin's value has fluctuated since the announcement, currently trading around $56,994, down 5.54% in the past 24 hours and 18.7% in the last 30 days. Mt Gox was once the largest bitcoin exchange globally until a security breach in 2014 resulted in the loss of at least 850,000 bitcoin.