Mt. Gox transfers 47,000 BTC worth $2.7B to a new wallet as it prepares to repay creditors. Concerns arise over potential market impact.
The collapsed Japanese crypto exchange Mt. Gox has initiated a significant transfer of 47,229 Bitcoin, valued at $2.7 billion, to a new wallet address. This move comes amid the exchange’s scheduled plan to begin repaying creditors, marking the first major transaction since May. The crypto community is closely watching the development, speculating on the potential market impact of the substantial Bitcoin movement.
Key Points:
Major Bitcoin Transfer: Mt. Gox transferred 47,229 BTC, worth $2.7 billion, from cold storage to a new wallet address on July 5.
Repayment Plan: This transfer aligns with Mt. Gox's plan to start repaying creditors, with a total of $8.5 billion in Bitcoin slated for repayment.
Market Concerns: Analysts and market commentators express concerns about the potential impact on Bitcoin prices due to the large volume of BTC that might be sold.
Diamond Hands: Some experts, including Galaxy Digital’s Alex Thorn, believe many Mt. Gox creditors will hold onto their Bitcoin, mitigating a massive sell-off.
Previous Transactions: In May, Mt. Gox transferred $7.3 billion worth of Bitcoin, causing a 2% dip in Bitcoin's price.
Current Bitcoin Prices: Bitcoin's price fell sharply on July 4 and is currently trading at $57,226, down 6.9% for the week but up 35.6% year-to-date.
The significant transfer of Bitcoin by Mt. Gox has reignited discussions about the potential market implications of releasing such a large volume of BTC. While concerns about a sell-off loom, some analysts believe that many creditors may choose to hold their Bitcoin, reducing the risk of a market crash. As Mt. Gox prepares to repay its creditors, the crypto community will be keenly observing the market's response to these developments.
Source: Cointelegraph
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