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An address associated with the long-defunct cryptocurrency exchange Mt. Gox just moved about $2.8 billion worth of Bitcoin (BTC).
Over 27,871 BTC were moved from the Mt. Gox address on Dec. 5, according to data from blockchain analytics platform Arkham Intelligence. The exchange still holds about 39,878 BTC worth over $4 billion at time of writing.
The details
Mt. Gox — short for “Magic: The Gathering Online eXchange,” a name referring to the platform’s origin as a trading card exchange — was launched in 2010. After pivoting to Bitcoin, it quickly captured its market and became the primary way to buy and sell Bitcoin online.
Mt. Gox was hacked in 2014 and lost almost 750,000 BTC owned by its customers and around 100,000 BTC of its own. This is a large amount of Bitcoin, equivalent to around 7% of all Bitcoin in circulation at the time.
Since the amount of Bitcoin involved that could soon end up on exchanges following the Mt. Gox redistribution is so large, movements like the ones reported today often result in Bitcoin’s price falling. This time around no such effect was observed by the time of writing.
This can be partly attributed to the ongoing bull market and a recent announcement shared by the Mt. Gox redistribution team pushing creditor repayment one year further in the future. This effectively eliminates the expectation that the Bitcoin move will increase sales pressure in the market in the near future.
Bitcoin is trading at $101,260 at the time of writing after hitting a new all-time high of nearly $104,000 earlier today. Bitcoin is up 6.5% over the last 24 hours and 6.55% over the last seven days.
The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, currently indicates a level described as “extreme greed.” The index stands at 84, indicating that the crypto market is now overrun by greed. With such scores, the instrument warns of a possible imminent correction:
“When Investors are getting too greedy, that means the market is due for a correction.”
