Bitcoin Price Responds to Mt. Gox Large Transactions with Sudden Decline

The world’s largest cryptocurrency, Bitcoin, is experiencing a sudden decline due to significant movements of the asset. Two large Bitcoin transactions hit the market today, triggering a wave of panic and reversing BTC’s recent upward momentum.

These transactions stemmed from the now-defunct early Bitcoin exchange, Mt. Gox.

### Bitcoin’s Response to Mt. Gox Transfers

The price of Bitcoin reacted sharply as the Mt. Gox wallet transferred billions of dollars worth of BTC. To date, the former leading cryptocurrency exchange has moved nearly $6 billion in two separate transactions to a new wallet. There is widespread belief that the platform is preparing to initiate reimbursement payouts to creditors who lost funds when Mt. Gox was hacked — a breach that went undetected until 2014.

Earlier today, the notable cryptocurrency transaction tracker Whale Alert identified two significant transfers: one involving 48,641 BTC and another with 44,000 BTC. These corresponded to approximately $3.06 billion and $2.81 billion, totaling around $5.87 billion.

In reaction to these substantial transfers, Bitcoin’s price dropped about 4%, falling below the previously regained $65,000 mark to around $62,320. However, it has since shown a slight recovery, gaining 1.6%. As of this writing, Bitcoin is trading at approximately $63,530.

### Optimism in the Bitcoin Community

Earlier this week, Samson Mow, CEO of Jan3 and a prominent advocate for Bitcoin, reaffirmed his bullish stance on the cryptocurrency’s future. He confidently stated that Bitcoin would likely not fall below the $60,000 level again and encouraged the crypto community to “say goodbye to sub $0.06M Bitcoin forever.”

Mow expressed his belief that, regardless of current sales of Bitcoin, the cryptocurrency market would absorb the supply. He noted that during the recent sell-off, large investors on platforms like Bitfinex were actively purchasing Bitcoin that was being sold by those less confident in the market.

Overall, Mow is among those who see Bitcoin progressing towards the $1 million mark in the long term. He has suggested that this milestone could be reached by the end of next year or shortly thereafter.