Cryptocurrency price crash predicted as bankrupt bitcoin exchange .

The defunct cryptocurrency exchange Mt Gox has moved 16,000 bitcoins from its vaults to an unknown address, sparking concerns of an imminent price crash.

The current market value of the bitcoins is more than $140 million, according to the CoinMarketCap price index, which values one bitcoin at around $8,800.

The sale of such a large amount of bitcoins could have a significant impact on cryptocurrency markets.

The Tokyo-based Mt Gox went out of business in 2014 after losing around 1 million of its customers bitcoins. At the time, the lost bitcoins were worth around $387 million but the price of the world’s most valuable cryptocurrency has since risen considerably.

Get your short ready! YES #mtgox will sell 16k #BTC and it will happen real soon! $BTC #cryptotrading #Bitmex #bitcoin $btcusd

— KoinvX | John (@KoinvX) 26 April 2018
The moving of the funds, first spotted by The Next Web, is the first time in over three months that the former exchange has moved any of its assets.

Mt Gox has previously offloaded around $500 million worth of bitcoin, with each sale usually being reflected by severe drops in cryptocurrency markets.

“It appears that the Mt Gox trustees have moved the funds to a walled belonging to an exchange desk,” cryptocurrency analyst Ivo Jonkers told the publication.