Bitcoin surged to an impressive $67,409 mark on Tuesday after news broke that former cryptocurrency exchange Mt. Gox had successfully reorganized around $10 billion in BTC.

Once the largest Bitcoin exchange in the world, Mt. Gox experienced a devastating bankruptcy that resulted in the loss of a significant portion of its coins due to theft. However, the exchange managed to recover most of its coins and has since been engaged in a long process of repaying its former customers. This has created uncertainty in the market, as the potential sell pressure from Mt. Gox could have a substantial impact if it were to sell its BTC to redeem creditors.

According to Arkham, a blockchain “de-anonymizing” platform, Mt. Gox moved approximately $9.66 billion worth of BTC into three newly created wallets, distributing them in four batches per address.

Initially, there were concerns that the exchange was planning to liquidate its coins. However, former Mt. Gox CEO Mark Karpelès clarified on the social media platform X that the coin movements were merely preparations for a distribution that is likely to occur later this year. Karpelès stated, “As far as I know, everything is fine with Mt. Gox. The trustee is moving coins to a different wallet in preparation for the distribution that will likely happen this year. There is no imminent sale of bitcoins happening.”

As of now, BTC is trading at $67,740.

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Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl participates in affiliate marketing.

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