Mt. Gox Moves Over $900M In Bitcoin As BTC Tumbles

Defunct crypto exchange Mt. Gox has moved over $900 million in the last 24 hours as Bitcoin dipped below $80K.

On-chain data from Arkham Intelligence cited by Lookonchain in a March 11 X post shows that Mt. Gox moved 11,833 BTC.

Of the Bitcoin that was transferred, 11,501 coins valued at $905.1 million were sent to a new wallet, while the leftover 332 BTC, worth $26.1 million, were sent to a warm wallet.

Smaller Mt. Gox Transfer Predicted To Be Used For Creditor Repayments

Mt. Gox’s recent BTC movements come less than a week after the exchange shifted 12,000 BTC worth just more than $1 billion on March 6.

Arkham Intelligence revealed that $15 million of this substantial amount was sent to BitGo, which is one of the custodians being used to perform Mt. Gox creditor repayments.

According to another on-chain analytics platform, Spot On Chain, the 332 BTC that was sent to a warm wallet in the last 24 hours will likely also be used to repay creditors.

Bitcoin Plunges To 4-Month Low As Recession Fears Grow

Mt. Gox’s movements took place during a period of heightened volatility in the crypto market. Bitcoin dropped below $80K to a 4-month low of $76,624.25 in the past 24 hours, according to CoinMarketCap data. 

The Bitcoin price has since pared losses to trade at $80,416.98 as of 1:22 a.m. EST as investors buy the dip. 

BTC’s retracement coincided with a broader crypto and stock market crash as fears of a US recession intensify.

JPMorgan hiked the odds of US recession to 40%, from 30% previously. A survey by Reuters showed that US consumers are growing more pessimistic about their prospects.

A key economic advisor to the US President has, however, pushed back on talk of a recession.

Kevin Hasset, who heads the National Economic Council, said in an interview with CNBC that there are many reasons to be optimistic about the US economy.

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