Mt Gox Moves 12000 Bitcoin Sparking Market Fears

Coin WorldThursday, Mar 6, 2025 5:33 am ET

1min read

On March 6, 2025, the bankrupt crypto exchange Mt. Gox made a significant transfer of 12,000 Bitcoin, valued at over $1 billion, sparking widespread speculation and concern in the market. This transfer, which involved a transaction fee of just $1.64, saw 166.5 BTC moved to a cold storage wallet and the remaining 11,834 BTC transferred to an unidentified address. Following this transaction, Mt. Gox-affiliated wallets now hold approximately 36,080 BTC, valued at around $3.26 billion.

This latest movement marks the first major transfer from Mt. Gox wallets in over a month, with the last recorded transfer occurring in January, involving only 4 BTC between cold storage addresses. Previous transactions, such as a 1,620 BTC shift in December and a massive 24,000 BTC move weeks earlier, have contributed to significant market concerns, leaving traders on edge about future liquidation risks.

The reason for the transfer remains unclear, but traders fear possible large-scale sell-offs that could impact Bitcoin prices. The latest Mt. Gox Bitcoin Transfer has raised fears of price instability, as past wallet movements have often influenced Bitcoin’s value. However, this particular transfer has not yet triggered a significant price drop. Traders remain cautious, as the eventual payout of Bitcoin holdings to creditors could introduce substantial selling pressure.

Contributing to cryptocurrency trading volatility, U.S. President Donald Trump’s recently imposed trade tariffs on March 4 added uncertainty to financial markets. For several days, Bitcoin has had extreme price movements, jumping to $94,769 on March 3 and then dropping to $82,681 on March 4. As of March 5, BTC had recovered to $91,224, a 4% gain in 24 hours. This variable price movement highlights the impact of global financial instability on the crypto sector.

Mt. Gox, once the world’s biggest Bitcoin exchange, went bankrupt in 2014 following a catastrophic hack that caused over 800,000 BTC to be lost. Creditors have been waiting for repayments ever since through a long and complicated bankruptcy process. Although some have received fiat payouts

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