Bitcoin Cash

Galaxy

Bitcoin

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The price of Bitcoin (BTC) experienced a sharp downturn after Mt. Gox&nbsp;<a href="https://x.com/intangiblecoins/status/1795285244054282609" rel="noopener noreferrer nofollow">transferred</a> $5.1 billion worth of Bitcoin to a new wallet.&nbsp;
Alex Thorn, head of research at Galaxy Digital, has predicted that the majority of that BTC will get hodl'd. However, the analyst expects strong selling pressure for Bitcoin Cash (BCH).&nbsp;
Thorn believes that these assets are currently being consolidated before being eventually moved to creditors. Hence, the recent transfers do not mean that repayments are imminent.&nbsp;
The analyst has added that many creditors were offered to sell their claims, but they refused to do so. "Lots of speculation here on my part, no doubt. Even a small percentage of it selling could move the market also," he&nbsp;<a href="https://x.com/i/bookmarks?post_id=1795310002757902568" rel="noopener noreferrer nofollow">added</a>.&nbsp;
Mt. Gox creditors, who got hit by the collapse of the major Bitcoin exchange in 2014, have been striving to get their funds back for a decade. Analysts believe that it is reasonable to view the eventual distribution of funds as a bearish catalyst.&nbsp;
After peaking at $70,601 on the Bitstamp exchange on May 27, the price of the leading cryptocurrency crashed by nearly 4.6%.&nbsp;

Bitcoin Plunges as Mt. Gox Starts Distributing Funds to Creditors

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