2024

Galaxy

Bitcoin

Arkham

The defunct Japanese cryptocurrency exchange Mt. Gox has transferred 47,228 Bitcoin, valued at approximately $2.71 billion at current prices, to a new wallet address.&nbsp; 
This <a href="https://platform.arkhamintelligence.com/explorer/address/1L7XbxQSLQX2fkf8MiJNp4ok8TSD5J6onk" target="_blank" rel="noreferrer noopener nofollow">transaction</a> marks Mt. Gox’s largest movement of Bitcoin since May, conducted from its “cold storage,” according to blockchain analytics firm Arkham Intelligence. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 BREAKING Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. <a href="https://t.co/3ZdSlC1IX2" target="_blank">pic.twitter.com/3ZdSlC1IX2</a>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1809023951932162227?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
 </blockquote> 
 </div>
</figure> 
The timing of this transfer coincides with Mt. Gox’s planned commencement of repayments to creditors starting this month. A staggering <a href="https://www.cryptotimes.io/2024/07/01/mt-gox-9-billion-repayment-triggers-bitcoin-sell-off-fears/" target="_blank" rel="noreferrer noopener">$9 billion worth of Bitcoin</a> is earmarked for repayment, a process outlined in a recent statement by Mt. Gox trustee Nobuaki Kobayashi confirming the completion of necessary steps for repayment initiation. 
While concerns loom over a potential market impact from the influx of these long-inaccessible Bitcoins, analysts suggest a more tempered estimate. Some anticipate that approximately $4.5 billion worth of Bitcoin could potentially enter the market, reflecting creditor actions over time rather than an immediate mass sell-off. 
Galaxy Digital’s head of research, Alex Thorn, highlighted the possibility that many creditors may opt to hold onto their Bitcoin holdings, expecting a more cautious approach (“diamond-handed”) among Mt. Gox Bitcoin holders. Additionally, significant tax implications for outright sales could deter large-scale liquidations in favor of staggered or partial disposals. 
Following Mt. Gox’s $7.3 billion Bitcoin transfer on May 28, which caused a brief 2% market dip, Bitcoin now trades at around $57,226, down 6.9% this week but up 35.6% year-to-date, as per TradingView. 
The ongoing saga of Mt. Gox’s Bitcoin holdings underscores the complex dynamics of cryptocurrency markets, balancing potential large-scale liquidations with the resilience of long-term holders amid evolving regulatory and market conditions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also&nbsp; Read: <a href="https://www.cryptotimes.io/2024/07/03/bitcoin-dips-below-60k-whales-and-mt-gox-trigger-sharp-sell-off/" target="_blank" rel="noreferrer noopener">Bitcoin Dips Below $60K, Whales and Mt. Gox Trigger Sharp Sell-Off</a> 
</blockquote>

Mt. Gox Transfers 47,228 Bitcoin Worth $2.71B to New Address

The Crypto Times

Andre artikler udgivet 5. jul. 2024

Chainstack Announces Support for Oasis on Its Chainstack Global Elastic Nodes

Blockchaincon 2024: The Technological and Financial Encounter of the Year Comes to Colombia

Feinstein Sees Opportunity in Bitcoin Drop

Qubetics Whitelist Signups Multiply as Avalanche and Internet Computer Protocol Stuck in Closed A...

Bitcoin Price Drop Affects Mining Profitability

Toncoin: Examining what the future holds after TON’s 20% dip

Join our free newsletter for daily crypto updates!