These Bitcoins Are Now 5,500% More Worthy So What Will Happen To Them?

Seven years of Bitcoin, the infamous Mt. Gox was reawakened when a cryptocurrency wallet associated with the hack began transferring funds. On November 23, the Bitcoin wallet belonging to the BTC-e exchange became active again. The Mt. wallet was linked to the 2014 Gox hack and was the largest transaction since August 2017.

10,000 BTC worth roughly $167 million was transferred to two unidentified buyers. The transaction was split and 3,500 BTC was transferred to several wallets. The remaining 6,500 BTC was transferred to an address.

Traditional Bitcoin Movement

CryptoQuant founder Ki Young Ju observes bitcoin transfers. He added that the 65 BTC was sent to HitBTC a few hours ago, so it wasn’t a government auction or anything like that. He has since advised the exchange to suspend the account due to suspicious activity.

Ki Young Ju stated that the old Bitcoin is in a bearish trend because it was created in a time of lawlessness. When asked why criminals don’t cash out when bitcoin prices rise, he said:

They bought these bitcoins in January 2015 for $297, and the current BTC price is $16,617, which is about 5.594% of PnL.

Mt. Gox was the first Bitcoin exchange launched in 2011. In February 2014, there was a hack of over 740,000 BTC followed by a crash. Crystal Blockchain detected the BTC-e wallet, and Russian cryptocurrency entrepreneur Sergey Mendeleev noticed the transfer.

There have been a lot of rumors lately that old bitcoins and even Satoshi’s wallets have been sold on the market. But those stories unfold in the depths of every bear market.

Mt. Gox vs. FTX

On Nov. 24, Chainalysis compared two failed exchanges. Mt. He said that Gox has a much larger market share than FTX. So the impact of the crash was much bigger then. The difference now is that the FTX crash has shaken confidence, but ultimately the cryptocurrency will survive.

The analyst firm said there’s no reason why it shouldn’t bounce back stronger than ever, as the crypto industry survived the FTX drop worse. The cryptocurrency market has gained 6.3% since the bear cycle bottomed out earlier this week, but the rout may not be over yet.

Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Alican Ülker, without permission, may not be reproduced

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