6 billion dollars in BTC locked at Mt. Gox
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The collapse of Mt. Gox in 2014 marked Bitcoin’s history. Ten years later, creditors are still awaiting their reimbursement. Mt. Gox holds 90,000 bitcoins, worth about 6 billion dollars. This situation raises questions about the potential impact of liquidating these assets on the Bitcoin market.
A Controversial Legacy
The crash of Mt. Gox in 2014 was a shock to the Bitcoin ecosystem. The platform, once the largest Bitcoin exchange, left thousands of creditors without immediate recourse. Today, Mt. Gox still holds 90,000 BTC, sparking fears and speculations.
Arkham Intelligence reveals that a recent transaction of 382 BTC, worth 25 million dollars, was sent to Bitstamp. This sale has revived concerns about a massive liquidation. Investors fear that the release of these funds could lead to a significant drop in Bitcoin’s price.
Discussions on Reddit show a divided community. While 56% of the surveyed creditors do not plan to sell their BTC, 20% consider doing so, while others prefer a mixed approach. These data illustrate the uncertainty hanging over the market.
The Potential Market Impact
The crucial question is whether selling these BTC will affect Bitcoin’s price. According to CryptoQuant founder Ki Young Ju, there was no significant spike in trading volumes on Kraken after the funds were distributed to users. This suggests some market resilience in the face of this threat.
However, other analysts, like Jacob King, are less optimistic. He predicts that up to 99% of Mt. Gox creditors will sell their BTC, leading to downward pressure on prices.
This view contrasts with that of long-term holders who see Bitcoin as a valuable decentralized asset.
Onchain analyst RunnerXBT shares this optimistic perspective, claiming that only the least experienced traders will succumb to panic. This view suggests that the market could absorb this selling pressure without too much damage.
Bitcoin Resilience
Despite fears surrounding Mt. Gox, Bitcoin’s price shows some stability. Recently, Bitcoin reached a peak of 68,000 dollars and is currently trading around 65,000 dollars. This resilience in the face of political uncertainties and concerns related to Mt. Gox is remarkable.
Investors see this stability as a sign of market maturity. Bitcoin, despite its fluctuations, seems capable of withstanding shocks. This renewed confidence could mitigate the potential impact of Mt. Gox’s sales.
However, the situation remains volatile. The Bitcoin market is known for its sudden movements, and the potential liquidation of 90,000 BTC is still a looming threat. The crypto community is closely watching every move of Mt. Gox’s creditors.
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Fasciné par le bitcoin depuis 2017, Evariste n’a cessé de se documenter sur le sujet. Si son premier intérêt s’est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l’état du secteur dans son ensemble.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
