An address containing a large amount of Bitcoin owned by long-defunct cryptocurrency exchange Mt. Gox just moved funds.

About seven hours before press time, nearly 6,620 BTC worth about $352.7 million were transferred from a Mt. Gox address to an unknown wallet, according to data provided by blockchain intelligence service Arkham Intelligence. The data shows that the exchange is in a heightened level of activity after yesterday’s reports of another Bitcoin transaction worth $2.8 billion.

Market data shows the Bitcoin price has not reacted to the transfer in any evident way, trading laterally mostly between $97,000 and $98,000 after it occurred. At the time of writing, BTC is trading 4.8% lower than it was this time yesterday, according to CoinGecko data.

“Typically, announcements from Mt. Gox have a negative impact on the market, often causing Bitcoin’s price to decline,” notes Min Jung, an analyst and researcher from Presto Labs, told Decrypt earlier this week about the much larger transfer.

The reduced impact of Mt. Gox transactions is likely to be attributed to the bullish market sentiment and Go to Source to See Full Article
Author: Adrian Zmudzinski