Bitcoin

Mt. Gox has repaid over 17,000 creditors using Bitcoin (BTC) and Bitcoin Cash (BCH), but still retains 32,899 BTC, valued at $2.099 billion. The remaining repayments are waiting for validation and agreements with designated exchanges.<img src="https://cryptosheadlines.com/wp-content/uploads/2024/07/PRE-SALE-PRICE-IS-1-AIG-TOKEN-0.01-EXCHANGE-LISTING-PRICE-EXPECTED-0.20-TO-0.30.-1.png" />As Mt. Gox has begun making payments, there is growing concern in the crypto market that creditors might sell their assets, which could affect Bitcoin prices. After a lengthy wait, Mt. <a href="https://cryptosheadlines.com/mt-gox-creditors-receive-payments-bitcoin-market-shows-resilience/" rel="noopener noreferrer nofollow">Gox and its creditors</a> are approaching the end of a decade-long process, with the market bracing for any potential repercussions.<h2 id="header-0">Mt. Gox Repays Creditors; $2.1B Bitcoin Still Held</h2>After making <a href="https://cryptosheadlines.com/blockfi-to-begin-creditor-repayments-in-july/" rel="noopener noreferrer nofollow">repayments to over 17,000 creditors</a>, Mt. Gox still holds 32,899 Bitcoin, valued at approximately $2.099 billion. This follows the exchange’s recent transfer of 33,960 BTC, worth $2.25 billion, to BitGo exchange-owned addresses on July 31. BitGo is the fifth and final custodian working with the Mt. Gox trustee for creditor rehabilitation.<img src="https://cryptosheadlines.com/wp-content/uploads/2024/08/CryptosHeadlines3.webp" />Mt. <a href="https://cryptosheadlines.com/mt-gox-creditors-plan-to-hold-bitcoin-after-repayment/" rel="noopener noreferrer nofollow">Gox Bitcoin Holdings</a>. Source: <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" rel="noopener noreferrer nofollow">Arkham</a>Additionally, Mt. Gox moved 33,105 BTC, worth around $2.19 billion, to a new address late Tuesday. This is part of a broader trend of transferring billions of dollars worth of <a href="https://cryptosheadlines.com/mercado-bitcoin-crypto-exchange-brazil-granted-license-as-a-payment-institution/" rel="noopener noreferrer nofollow">Bitcoin to designated crypto exchanges</a> such as Bitbank, Kraken, Bitstamp, and SBI VC Trade over the past few weeks.In mid-July, Kraken confirmed receipt of funds from the Mt. Gox trustee and indicated that distribution would occur within 7-14 days. Bitstamp also announced plans to start distributing assets to creditors starting July 25.According to Nobuaki Kobayashi, the rehabilitation trustee’s attorney, further repayments will be made once several processes are completed. These include confirming account validity, accepting agreements with cryptocurrency exchanges, and ensuring safe and secure repayment methods. Kobayashi urged creditors to remain patient as these steps are finalized.The repayments are part of a scheme to distribute $9 billion worth of crypto recovered from the Mt. Gox collapse. Established in 2010 as the largest BTC trading platform, Mt. Gox suffered a major security breach in 2014, losing at least 850,000 BTC. As repayments continue, the market is watching closely for any potential impacts if creditors decide to sell their assets.<h2 id="header-1">Market Impact of Mt. Gox Repayments: Perspectives and Concerns</h2>Since Mt. Gox’s collapse, Bitcoin’s price has risen significantly, making profit-taking a possibility for traders once they are compensated. However, there is uncertainty about how much of these repaid assets will be sold, which has been a key factor in recent struggles within the <a href="https://cryptosheadlines.com/bitcoin-pepe-coin-and-axs-drive-crypto-market-surge-today/" rel="noopener noreferrer nofollow">Bitcoin and broader crypto market</a>.<a href="https://cryptosheadlines.com/citi-sees-5-4b-ethereum-etf-inflows-eth-predicted-to-hit-5k/" rel="noopener noreferrer nofollow">Also Read: Citi Sees $5.4B Ethereum ETF Inflows; ETH Predicted to Hit $5K</a><a href="https://cryptosheadlines.com/pepe-coin-team-clarifies-16-trillion-token-theft/" rel="noopener noreferrer nofollow">Coin Bureau’s team</a> noted that the ongoing rumors and uncertainty surrounding Mt. Gox repayments have contributed to market volatility. They stressed that the sooner the repayments are fully completed, the better, as lingering doubts about how much Bitcoin and Bitcoin Cash will be sold continue to weigh on prices.Trader Daan Crypto Trades observed that the potential for significant sales has made altcoins appear more attractive compared to Bitcoin. However, Glassnode indicated that long-term holders and investors might help absorb some of the selling pressure.On the other hand, CoinShares researcher Luke Nolan suggested that Bitcoin’s liquidity and the dynamics of creditor distribution could mitigate the impact of potential sales. He believes that Bitcoin Cash is more likely to suffer from creditor sales. Similarly, Alex Thorn from Galaxy Research suggested that the actual effect of Mt. Gox distributions on Bitcoin’s selling pressure might be overestimated.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Mt. Gox Pays Creditors; $2.1B in Bitcoin Remains; Is Market on Alert?

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