Bitcoin Holds $66K as Mt. Gox Moves $2.85B for Repayments

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Bitcoin (BTC) held steadily above $66,000 on Tuesday after defunct exchange Mt. Gox moved fresh funds to new addresses. Data from on-chain analytics firm Lookonchain showed that a Mt. Gox-linked account with the initials 18vj transferred 42,587 BTC (worth $2.85 billion) to new wallets.

Mt. Gox transferred 5,100 BTC (worth $341.75 million) to its cold wallet and 37,477 BTC (worth $2.51 billion) to a new address at 05.06 UTC on Tuesday. The exchange made a test transfer of 0.021 BTC ($1,390) to the new address (with initials 1C9V) on June 22 before transferring the funds today.

Data from Arkham also showed that Mt. Gox’s cold wallet moved 5,109 BTC an hour after the initial transfer. The cold wallet, starting with 1Jbex, transferred 2,238 BTC (worth $149 million) to Bitstamp and 2,871 BTC (worth $191 million) to an unmarked wallet.

Mt. Gox announced last month that it would start reimbursing creditors in July, driving Bitcoin below $55,000. The defunct exchange still holds over 47,000 bitcoins in its portfolio.

This transfer came a day after the US government moved part of its seized funds to an exchange. Data showed that the wallet tied to the federation moved 58.7 BTC ($3.96 million) to Coinbase Prime Deposit.

Bitcoin Holds Above $66k

Bitcoin held above $66,000 on Tuesday despite the selling pressure from Mt. Gox. The asset dropped 1% after the exchange moved the funds for repayment.

As opposed to its reaction to the German government’s incessant sales, Bitcoin has shown resilience. The asset has moved over 5% in the past week as US exchange-traded funds (ETFs) inflows have neutralized selling pressure.

At press time, Bitcoin was trading at $66,896 with a 24-hour volume of $33 billion.