The Mt.Gox Rehabilitation Trustee has moved an additional 37,477 Bitcoin to a new wallet address amid ongoing reimbursements to customers.
The recently moved coins were worth $2.47 billion, with the recent transfer coming around a day after the exchange moved another $2.8 billion BTC to multiple addresses, including some associated with the Bitstamp trading platform.
Mt.Gox Moves $2.4M Bitcoin To A New Address
Arkham Intelligence said the recently moved funds also saw some coins sent to the Bitstamp exchange.
Mt.Gox transferred 5,106 BTC to 4 wallet addresses associated with the Bitstamp exchange. Bitstamp is among the five crypto exchanges the Mt.Gox Rehabilitation Trustee is working with to reimburse investors.
Since the repayments commented, the Mt.Gox exchange has sent 10,216 BTC, valued at around $675 million, to Bitstamp.
On July 23, Mt.Gox moved $340 million worth of Bitcoin to Bitstamp. These coins were also divided between four wallet addresses.
According to Arkham, the Mt.Gox Rehabilitation trustee still has around 80,000 BTC worth $5.32 billion. The remaining funds will also be moved to creditors in the coming weeks or months.
So far, more than 40% of the Bitcoin that Mt.Gox owes to creditors has been moved, with around 60% left to be returned to creditors.
Mt.Gox Repayments Affect BTC Performance
The news around the Mt.Gox Rehabilitation Trustee moving funds has triggered panic across the crypto market. Most creditors will sell their coins, affecting the performance of the largest crypto by market cap.
Bitcoin has dropped by 1.1% in the last 24 hours to trade at $66,357 on July 24 at 05:46 a.m. EST. Bitcoin has now gained 13% in the last two weeks.
Despite the recent price drop, Bitcoin is showing a lack of interest in selling activity. The Relative Strength Index (RSI) at 61 shows buyers could use the price drop to accumulate more coins.
According to renowned analyst Ali Martinez, Bitcoin’s RSI has broken the descending trendline. However, the analyst notes that the price needs to break $66,450 for the bullish breakout to be confirmed and more gains to stream in.
The analyst noted that a rally toward the $67,000 price target would have been possible if the bullish bias had continued.
Trader @DaanCrypto further confirms the bullish sentiment. The trader stated that BTC’s price movements in recent weeks have seen the coin create higher highs and higher lows. For the bullish trend to be confirmed, the trader states that Bitcoin must break above $72K.
