As the Mt. Gox trustee has yet to distribute 64% of the Bitcoin owed to creditors, the Reddit Mt. Gox community is pushing the hodl agenda.
The Mt. Gox distribution will not end the bullish trend, CryptoQuant CEO noted.
Mt. Gox collapsed in 2014 and recently began reimbursing injured parties in Bitcoin and Bitcoin Cash.
BTC price attempts to stabilize as traders warn of a possible return below Bitcoin buy support at $60,000.
Bitcoin dropped below $64,000 after Mt. Gox sent around $3 billion in Bitcoin to an unknown wallet today, according to Arkham's data.
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Institutions are buying as Bitcoin dips under $60,000, strengthening the long-term bullish outlook for BTC’s price.
The market will have to absorb between $4-$6 billion worth of bitcoin selling pressure throughout the summer months, weighing on prices, K33 Research said.
The collapsed exchange has started debt repayments to creditors via select crypto exchanges, following the Rehabilitation Plan.
The repayment by Mt. Gox may increase selling pressure in the Bitcoin market, highlighting the long-term effects of the exchange's collapse.
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The news of the repayments added selling pressure on bitcoin and the larger crypto market after Mt. Gox announced last month its intention to start repayments in July.
Market instability and fear surge as significant Bitcoin movements trigger widespread altcoin declines, highlighting crypto market vulnerability.
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The transfer may lead to market volatility and price fluctuations as creditors potentially liquidate their holdings.
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Selling pressure from Bitcoin Cash (BCH) and lack of liquidity is the story to watch once Mt. Gox begins redemptions, writes Presto Research.
If most of the liquidations by Mt. Gox creditors occur next month, crypto markets are expected to sell off in July then rebound in August, the report said.
The defunct crypto exchange’s trustees said Monday they are preparing to start distributing bitcoin (BTC) stolen from clients in a 2014 hack in the first week of July.
Mt. Gox's rehabilitation trustee has announced plans to begin Bitcoin and Bitcoin Cash repayments to creditors in July.
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Mt. Gox, the bankrupt Japanese crypto exchange, will repay creditors’ Bitcoin and Bitcoin Cash assets starting July 2024. Following the announcement, the market sold off, with Bitcoin dipping below $61,000. In a June 24 statement, the exchange’s Rehabilitation Trustee, Nobuaki Kobayashi, wrote: “The Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in […]
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After a decade of anticipation, July might finally bring restitution to the users of the now-defunct Mt. Gox exchange.
Bitcoin briefly shot over $70,000 yesterday before plunging below $69,000 to spot rates. While there are hints of weakness, one analyst on X notes that inflow to exchanges like Binance and OKX is subdued, meaning that users are not keen to sell despite prices tanking and failing to break $72,000. Bitcoin Inflow To Exchanges Remain Low The analyst notes that exchange inflows are low at spot rates. As of May 28, exchanges received just 25.9K BTC daily. From historical exchange inflow data from CryptoQuant, the current inflow rate is at the 2016 level. There was a sharp pick-up in momentum after 2016, but the inflow to exchanges has been shrinking since the beginning of the year. It should be noted that the United States Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) around this time. Related Reading: Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends With this product in the United States, some large whales likely decided to convert their coins and hold ETFs instead. In this way, they diverted custody to an approved custodian, depending on the spot Bitcoin ETF issuer they chose. Mt. Gox Moving BTC: How Will Prices React If They Sell? While the average inflow to exchanges is at 2016 levels, there might be changes in the coming months. On May 28, Mt. Gox, the defunct crypto exchange hacked in 2014, moved over $9.4 billion of BTC, data from Token Unlocks show. This unexpected transfer sparked market concerns. Currently, the intention remains unknown. Still, the implications could be dire if they decide to liquidate on exchanges. Even with this possibility, the analyst argued that BTC’s low average exchange inflow to exchanges would be a timely cushion. Should Mt.Gox creditors decide to sell, the analyst believes the market will easily absorb this sell-off despite increased initial volatility. What this means is that the price impact will be minimal. Related Reading: Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target Before being hacked and losing over 800,000 BTC, Mt. Gox was a popular Bitcoin exchange. At one point, it commanded over 70% of all global BTC trading volume. In the next few months, victims of the unfortunate hack will be compensated. Feature image from DALLE, chart from TradingView
The Rehabilitation Trustee of the defunct crypto exchange Mt. Gox has confirmed that it has not sold its significant Bitcoin holdings despite transferring over 140,000 BTC (approximately $10 billion) today. The trustee clarified in a May 28 statement that preparations to repay creditors were ongoing. According to the firm, the bankruptcy process will compensate creditors […]
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The transfer represents the first significant on-chain movement from Mt. Gox-related wallets in the past five years, ahead of the October 2024 repayment deadline.
Nearly 107,000 bitcoin have been moved since early Asian hours on Tuesday, with bitcoin shedding 1.2% on expectations of selling pressure.
According to Arkham Intelligence, Mt. Gox has moved 12,240 BTC to a new wallet. The exchange plans to repay creditors before October 31.
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As Bitcoin continued its early stages of development, the largest exchange at the time was on its way to ruin.
To commemorate the 10th anniversary of the collapse of bitcoin exchange MtGox, Mark Hunter, author of “Ultimate Catastrophe: How MtGox Lost Half a Billion Dollars and Nearly Killed Bitcoin,” tackles the questions that still remain unanswered ten years later.
Some former customers of the crypto exchange have reported receiving an email asking for confirmation of identity and account details on the mtgoxinsolvency subreddit group.
Users of the r/mtgoxinsolvency Reddit board complained that they received double payments from Mt. Gox Trust and were now being asked to send the extra payment back.
Payments through bank accounts are still awaited.