Today is the Big Day: The US elections are here. Bitcoin (BTC) and altcoins are experiencing declines ahead of the election.
At this point, BTC fell below $67,000 and then recovered to above $68,000.
While analysts expected election-related volatility in BTC and cryptocurrencies, the latest decline was also driven by activity in Mt. Gox wallets that paid back their creditors outside of the election.
Mt. Gox transferred a large amount of Bitcoin to two unknown wallet addresses.
According to Arkham data, Mt. Gox moved 32,371 BTC worth $2.19 billion. Of these, approximately 30,371 BTC were transferred to the wallet address “1FG2C…Rveoy” and 2,000 BTC were moved to the Mt. Gox cold wallet “1Jbez…LAPs6”. 2,000 BTC were then moved to an unknown wallet “15gNR…a8Aok”.
With this latest transfer, in the last 4 days, Mt. Gox transferred 32,871 BTC worth $2.22 billion. Among these BTC, 296 BTC worth $20.13 million were moved to B2C2 and OKX.
Mt. Gox also moved 500 BTC last week to pay creditors.
The latest transfer is the largest Mt. Gox has made in months, coming just days after the exchange moved 500 BTC.
According to the data, Mt. Gox currently holds 12,006 BTC (worth $810 million).
It is not yet clear whether the recent $2.19 billion Bitcoin transfer is part of the repayments to Mt. Gox creditors.
However, experts recalled that in the past, such transfers had occurred before refunds made through exchanges such as Bitstamp and Kraken, and assessed that these transfers could also have been made within the scope of refunds.
*This is not investment advice.