Bitcoin (BTC) fell to its lowest level since late February, dropping below $54,000, after the defunct exchange Mt. Gox transferred a significant amount of BTC.
Early on Friday, Mt. Gox moved 47,228 BTC, worth approximately $2.6 billion, from cold storage to a new address. This activity is seen as a potential precursor to the repayment of creditors.
The leading cryptocurrency saw a decline of over 4%, hitting $53,600, its lowest point since February 26.
At 00:27 UTC, the 47,228 BTC were transferred according to data from blockchain analytics firm Arkham Intelligence. The move is part of a larger process to begin distributing assets stolen from Mt. Gox clients during a 2014 hack.
The repayments, announced last month, include 140,000 BTC (valued at $7.73 billion), 143,000 BCH, and some Japanese yen. Traders have been on edge, anticipating that creditors, who have waited nearly a decade for their reimbursements, might quickly sell their newly received coins, potentially triggering a large sell-off in the market. When Mt. Gox was hacked in 2014, BTC was trading at around $600. Today, its value is over $55,000.
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