Bitcoin, the world’s largest crypto-currency, is trying to recover by countering the vast selling pressure. However, a wallet linked to the Mt. Gox hack and containing BTC has just been activated, which could disrupt the price of bitcoin.
Will the price of bitcoin fall?
According to PeckShieldAlert, a wallet linked to Mt. Gox has moved 10,000 bitcoins to two different addresses. He mentioned That the cold wallets on the Mt. Gox exchange have not moved since 2018.
I’m not saying they’re going to sell all those 10k Bitcoins.
We never know when they will sell the rest of the BTC.
What we do know is that 10k BTC was moved by criminals and could be potential sell-side liquidity since they sent 0.6% of their assets to exchanges.
– Ki Young Ju (@ki_young_ju) November 24, 2022
Ki Young Ju, CEO of cryptoquant informed that it is the wallet of the BTC-e exchange related to the 2014 hack. However, they sent 65 BTC to the crypto-currency exchange HitBTC on Thursday. He added that this is not a government auction or anything like that.
It is important to note that these BTCs would have moved when the crypto market was in a bull run. Young Ju mentioned that these wallets are still in profit 55x. These bitcoins were transferred at a price of $297 in January 2015.
Bitcoin is trading at an average price of $16,700, today. The price of BTC has increased by 2% in the last 24 hours. At the same time, the price of bitcoin has fallen by more than 15% in the last 30 days.
Will hackers get rid of BTC?
Young Ju stressed that he is not suggesting that they will get rid of the 10,000 bitcoins at this time. He doesn’t know yet when they will sell them.
However, it has not yet been determined if they were moved by criminals or if they are potential cash on the sell side. They sent 0.6% of their assets to exchanges.