Bitcoin

Bitcoin (BTC) price continues to soar despite the fact that Mt. Gox has returned 36% of its Bitcoin (BTC) funds back to creditors. This is a strong sign proving that we are in the thick of the bull run phase of this ongoing crypto cycle.In particular, it looks like the FUD phases are behind us during the remainder of this crypto bull cycle. To highlight, analytics revealed that Mt. Gox still had over <a href="https://cryptonewsland.com/fud-strikes-again-as-mt-gox-moves-44527-btc-worth-2-54-billion-can-bullish-sentiment-hold-strong/" rel="noopener noreferrer nofollow">44,000 BTC</a> worth over $2.5 billion to return to its previous users.This venture is <a href="https://cryptonewsland.com/the-complete-guide-to-mt-goxs-bitcoin/" rel="noopener noreferrer nofollow">Mt. Gox best ability to repay</a> what was lost from their users when it crashed years ago. While the repayments do not meet the full funds lost by its users, it is still a big amount of BTC when put together.Many expected these repayments to be sold off immediately by the creditors who would likely make the best of their losses from prior years. This was a fair expectation as when the German government sold its BTC Mt. Gox creditors did the same as well.Presently, the German government has finished selling its <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> reserves which led to the recovery of the crypto market. Perhaps this is why it looks like the crypto market&#39;s bullish sentiment has seeped into these creditors as the price of Bitcoin (BTC) not only continues to hold, but rise as well.<a href="https://x.com/cryptoquant_com/status/1813506305996574920" rel="noopener noreferrer nofollow">https://x.com/cryptoquant_com/status/1813506305996574920</a>According to <a href="https://cryptoquant.com/insights/quicktake/66978b38b31f1e6520887f99-36-of-the-Mt-Gox-Bitcoin-has-been-distributed-to-the-creditors-Whats-next?utm_source&#61;twitter&amp;utm_medium&#61;sns&amp;utm_campaign&#61;quicktake&amp;utm_content&#61;maartunn" rel="noopener noreferrer nofollow">CryptoQuant analytics</a>, Mt. Gox has distributed 36% of its Bitcoin (BTC) reserved for repayments. According to the above source, the trustee holds 141,686 BTC which will be distributed over time.As many creditors await for their share of BTC to return, 36% have already received their ends and it looks like these former Mt. Gox users are holding on tight to their returned BTC assets. Lastly, it seems fair to say that bullish sentiment has taken over and major upward movement is expected from Bitcoin and the rest of the crypto market.

Mt. Gox Returns 36% of its BTC Repayment Fund, Bitcoin Remains Strong Beating Second Round of FUD Expectations

Crypto News Land

Other articles published on Jul 17, 2024

Vitalik Buterin Criticizes Blockchain Investment Focus on Speculation

Worldcoin (WLD) Soars 30% After Key Token Unlock

Explosive Altcoin Trends: Ethereum, Ripple, Notcoin, Solana, and PawFury Set to Soar!

Judge Delays Trial of Tornado Cash Co-Founder Roman Storm

Bitcoin ETFs Witness Record $422.5 Million Inflows, Driving Market Optimism

How BlockDAG’s Referral Rewards Contributed to a $58.5M Presale Amid BNB’s Legal Win and XRP’s C1...

Join our free newsletter for daily crypto updates!