Mt. Gox $2.5B In BTC Transaction Pushes BTC Below $66K As Repayments Top 40%
Date
7/26/2024 3:18:36 PM
(MENAFN- Investor Ideas) bitcoin took a nosedive, dipping below $66,000 after Mt. Gox decided to play hot potato with $2.5 billion worth of BTC. The defunct exchange shifted a whopping 37,477 Bitcoin to an unknown wallet, sending crypto traders into a selling frenzy.
Here's the skinny on this market-shaking move:
Mt. Gox moved 37,477 BTC (worth $2.5 billion) to an unknown wallet
Bitcoin price briefly sank to $65,479.96 before rebounding slightly
This comes just a day after Mt. Gox shifted $2.8 billion in BTC to various wallets
About 40% of the Bitcoin owed to Mt. Gox creditors has now been distributed
Bitstamp, one of the exchanges handling repayments, will start dishing out crypto on July 25
"Mt. Gox is the ghost that keeps coming back to haunt Bitcoin," says Tobi Opeyemi Amure, an analyst at Tradequotex . " But let's not panic just yet - this might be more bark than bite for the market."
It's been a long time coming. Mt. Gox went bankrupt way back in 2014, leaving a bunch of folks high and dry. Now, after a decade of waiting, these poor souls are finally getting their Bitcoin back.
But here's the kicker - that Bitcoin is worth way more now than it was back then. We're talking a 10,000% increase. Some of these folks might be tempted to cash out and buy their own private islands.
That's what's got some traders sweating. They're worried all this Bitcoin hitting the market could send prices tumbling. But so far, it's been more of a gentle slide.
Plus, some analysts think this whole Mt. Gox thing might not be as scary as it looks. Galaxy Digital's head of research, Alex Thorne, reckons a big chunk of this Bitcoin is going to investment funds, not individual traders. So it might not flood the market all at once.
Plus, these Mt. Gox creditors have been holding for a decade already. They might have hands of diamonds at this point.
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