JUST IN: Movements Spotted From $2.2 Billion Mt. Gox Wallet

Failed cryptocurrency exchange Mt. Gox is on its last stage of reimbursing clients with Bitcoin (BTC).

According to data from Arkham Intelligence, a wallet that received $2.19 billion in Bitcoin from Mt. Gox has just initiated test transactions.

This wallet “bc1q26” is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to creditors.

So the main question now is when will they start distributing and could this have a negative impact on BTC’s price?

During the initial Bitcoin distribution through the top crypto exchange Kraken we witnessed a significant price drop that affected not only BTC, but the whole crypto market aswell.

At the time of writing, Bitcoin is trading at $59,180 after a 1% drop in the past 24 hours and has $33 billion in trading volume. Despite this slight drop, BTC is up almost 8% on the weekly chart.