Cryptocurrency Market Swings Mt Gox Shifts 27 Billion in Bitcoin from Cold Storage

The Coin Realm Network reports:
The bankruptcy estate of Mt.Gox has transferred billions of dollars worth of Bitcoin (BTC) to an unidentified wallet, further intensifying concerns over the falling prices of cryptocurrencies.
Data from blockchain analysis firm Arkham Intelligence shows that, according to a post on X (formerly Twitter) on Thursday, one of Mt.Gox’s cold storage wallets has moved 47,228 bitcoins, valued at approximately $2.71 billion.
According to blockchain data provided by Arkham, the estate conducted several test transactions on Wednesday, each valued at less than $27.
After extensive preparations for fund allocation, it is expected that the repayment of Mt.Gox’s funds will begin this month. The now-defunct exchange will pay out approximately 142,000 bitcoins and 143,000 bitcoins in cash.
This development marks a step towards resolving the decade-long wait of 127,000 creditors affected by the collapse of the Japanese cryptocurrency exchange before 2014.
Several adverse factors continue to suppress investor sentiment, including the recent tension caused by the German government’s transfer of bitcoins. The German government began transferring seized assets to its own wallets six months ago.
Decrypt was previously informed that rising interest rates, inflation, and global economic instability have also brought uncertainty.
In 2020, the German government seized nearly 50,000 BTC from the operators of the illegal streaming website Movie2k.to. The bitcoins, initially valued at approximately $2 billion, were confiscated as part of the investigation into the site’s activities, including the distribution of pirated movies and laundering proceeds.
On Wednesday, about 1,300 bitcoins, valued at $75.5 million, were sent to several exchanges, including Bitstamp, Coinbase, and Kraken, heightening concerns that prices might fall.
Pav Hundal, Chief Market Analyst at cryptocurrency exchange Swyftx, told Decrypt: “Bitcoin’s price needs a massive July to withstand the huge supply coming into the market from Mt.Gox and the German government.” “This could be why we’re as low as $50,000.”
Since the beginning of this week, the price of bitcoin has fallen by 9.5%, from $62,000 on Monday to $56,700 on Wednesday. Data from CoinGecko shows that the asset’s trading price is slightly above $56,900.