In a significant development, the historic exchange Mt. Gox, known for its financial collapse, recently executed a substantial Bitcoin transaction. A total of 47.229 Bitcoins, valued at approximately US$2.71 billion at the current price, were transferred to a new wallet address.
This noteworthy event occurred amidst a new decline in the Bitcoin market, with the cryptocurrency’s value dropping to US$55,407.18, representing a 6% devaluation in recent times.
The transfer took place at 12:30 UTC on July 5 and originated from what is known as “cold storage.” According to Arkham Intelligence, this move is part of Mt. Gox’s plan to initiate payments to its creditors this month, with a commitment to return a total of US$8.5 billion in Bitcoin.
As preparations for these payments were officially confirmed on June 24 by Nobuaki Kobayashi, the administrator of Mt. Gox, hope rises among the creditors who have been waiting for over a decade to finally recover their investments.
However, there is a divergence of opinions in the market regarding the impact of these refunds. Some analysts express concerns about the possibility of a massive sell-off of Bitcoin, which could further pressure the cryptocurrency’s price. On the other hand, Alex Thorn from Galaxy Digital offers a more optimistic view, suggesting that many of Mt. Gox’s creditors are long-term holders, potentially reducing the risk of a massive sale.
Mt. Gox’s most recent significant activity occurred on May 28 when it transferred nearly $7.3 billion worth of Bitcoin to an unknown address. Following this movement, the price of Bitcoin experienced a 7% decrease. The current price reflects a 10% decline over the course of a week.
Disclaimer: The opinions and views expressed by the author or any individuals mentioned in this article are solely for informational purposes and do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Will the Bitcoin price be influenced by Mt. Gox’s $9 billion refund? Gain understanding on the matter. Mt. Gox Payments: Bitcoin Wallets Indicate Refunds as the Market Slumps.
