Mt. Gox Wallet Stirs Bitcoin Market: Repayment Fears Trigger Price Dip

• Lookonchain spotted transaction activities on the Mt. Gox wallet.
• Bitcoin slipped below significant support following the Mt. Gox minor transfer.
• Crypto users suspect Mt. Gox is preparing for the BTC distribution

The Lookonchain crypto analytics platform spotted transaction activity on the Mt. Gox wallet in the early hours of Monday. In a recent post on X (formerly Twitter), the analytics platform noted that the wallet transferred a relatively small amount of Bitcoins, 0.021 BTC, worth $1,390, to a new wallet.

Mt. Gox transferred 0.021 $BTC($1.39K) to a new wallet 10 minutes ago, which may be preparing for repayment.#MtGox currently holds 90,344 $BTC($6.11B).https://t.co/f2q66eQNuk pic.twitter.com/QzBGFn3y1h

— Lookonchain (@lookonchain) July 22, 2024

Meanwhile, Mt. Gox currently holds 90,344 BTC, equivalent to $6.11 billion, and crypto users suspect the recent transfer may be in preparation for the long-awaited repayment to customers affected by the crypto exchange hack several years ago.

Bitcoin fell below the 0.786 Fibonacci retracement level on the daily chart in an early reaction to the development. The flagship crypto dropped 1.85% over a short pe…

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