ollowing a week of improvement in the price of Bitcoin another significant activity has taken place that could negatively affect the price of the cryptocurrencies. Before the start of a new week, Bitcoin was trading at $65,000 marking a good run since the bearish market that was experienced in the past weeks when its price crashed to $53,000.
Mt. Gox $12 Billion Bitcoin Transfer
The Bitcoin market could not make further progress without interruption in the hands of Mt. Gox. Mt. Gox has caused a slight change in Bitcoin price after moving about 140,000 worth $9 billion Bitcoin to an unknown wallet address as they get ready for the disbursement of funds.
Following the recent Bitcoin transfer by Mt. Gox to an unknown wallet address, data from Arkham Intelligence shows that Mt. Gox still has a balance of 138,985 Bitcoin which is $8.7 billion using the current market value of the digital asset.
Three transactions involving Bitcoin all initiated by Mt. Gox has already taken place, taking the total figure to 190,000 Bitcoins worth more than $12 Billion.
Bitcoin Market Reaction
The Bitcoin price reacted negatively to this action as the market price fell by 3% ($65,000-$63,000). The reason behind Mt. Gox's major transfer of Bitcoin to an unknown wallet is to begin immediate repayment of its Bitcoin debt to creditors before the start of August.
