Mt. Gox's Bitcoin Movement Amidst $66K Price Drop: What It Means for Investors
U.today•1 month ago•
950

Mt. Gox's Bitcoin Movement Amidst $66K Price Drop: What It Means for Investors

Market Sentiment
mtgox
bitcoin
cryptocurrency
marketnews
blockchain
Share this content:

Summary:

  • Mt. Gox delays repayment deadline to late 2025.

  • Over $2 billion in Bitcoin transferred to new addresses.

  • Bitcoin price drops to $66,853 amidst market movements.

  • $810 million remains in Mt. Gox wallets.

  • Former CEO Mark Karpeles plans to launch a new exchange, EllipX.

Mt. Gox Repayment Deadline Extended

Mt. Gox has recently delayed its repayment deadline to late 2025. This decision comes as the exchange continues to navigate its complex recovery process.

Mt. Gox Bitcoin

Major Bitcoin Transfers

According to Spot On Chain, wallets linked to the now-defunct Mt. Gox have transferred over $2 billion worth of Bitcoin to three new addresses. As reported by CoinGecko, the price of Bitcoin fell to $66,853 earlier today.

Despite these transfers, there remains $810 million in Bitcoin across known wallets associated with Mt. Gox. The exchange has been a significant bearish catalyst in the market, impacting Bitcoin prices as it began repaying creditors in Bitcoin and Bitcoin Cash after nearly a decade of waiting for many customers.

Repayment Process

In total, Mt. Gox has repaid more than $6 billion worth of Bitcoin from July to August. By early September, the exchange had about 30% of its initial holdings left. With the repayment process nearing completion, it is expected that the exchange will no longer exert significant selling pressure on Bitcoin.

Future Developments

Last month, the exchange's managing trustee announced the new deadline for repayments is October 31, 2025. This extension was attributed to many creditors failing to complete necessary procedures and some complications encountered during the repayment process.

In related news, Mark Karpeles, the former CEO of Mt. Gox, is set to launch a new exchange called EllipX. Karpeles recently claimed that the Mt. Gox hack could have been avoided with modern security measures, such as hierarchical deterministic (HD) wallets.

Comments

0
0/300
Newsletter

Subscribe our Newsletter

BitcoinToday.app logo

BitcoinToday.app

Get BitcoinToday.app on your phone!