New Bitcoin movements related to Mt. Gox, the failed cryptocurrency exchange that collapsed in 2014, have put the crypto community in a new state of expectation.
Recently, cryptocurrency analysis platform Arkham Intelligence reported a massive Bitcoin movement related to Mt. Gox.
In its X account, the platform highlighted that $2.000 billion in Bitcoin has moved from the wallet associated with Mt. Gox to an address held by digital asset company Bitgo. This event is awakening interest in the crypto community, due to the impact it could have on the market.
Mt. Gox's creditors have been waiting for a decade to recover their lost funds, while Bitcoin and cryptocurrency investors and users are closely watching how this significant movement of funds could affect the market.
Mt. Gox continues distribution of funds in Bitcoin
Mt. Gox sent 33.105 BTC, equivalent to approximately $2.000 billion, to an address linked to Bitgo, Arkham Intelligence reported. A few hours later, the wallet associated with Bitgo, which received the Bitcoin transaction from Mt. Gox, began carrying out test transactions, the platform reported, possibly in preparation for a new distribution of funds among the creditors of the exchange that are still waiting to be refunded.
According to Arkham Intelligence, Bitgo is the fifth and final cryptocurrency exchange to work with Mt. Gox to return funds to users affected by the hack that the platform experienced in 2014 and led to its bankruptcy.
As reported by this outlet, Mt. Gox launched the refunds in early July, returning part of the funds in Bitcoin and Bitcoin Cash to creditors after a decade.
To date, blockchain analysis firm Arkham Intelligence has identified four Bitcoin redemption transactions. On August 1, Mt. Gox trustee Nobuaki Kobayashi reported that more than 17.000 creditors of the platform had already received their funds back and that progress was being made in accordance with the established rehabilitation plan.
Expectations and concern in the crypto market
Uncertainty over how Bitcoin and Bitcoin Cash distributions will be handled by Mt. Gox has led to a series of speculation and concerns about the possible sell-off of cryptocurrencies by creditors who have been waiting for 10 years to access their funds. . However, to date, it appears that Bitcoin investors are mostly choosing to hold on to their crypto assets, rather than selling once they have received their funds.
According to data consulted on the CoinMarketCap platform, the price of Bitcoin corrected in early July, when the exchange's first cryptocurrency releases were made. The cryptocurrency was trading above $54.000.
However, currently, the price of Bitcoin is approaching $61.000, showing a rise of 3,3% daily and 7,5% weekly. On the other hand, the price of Bitcoin Cash remains above $350 dollars, with a daily growth of 2,4% and a weekly growth of 10,2%.
Source: CoinMarketCap
Source: CoinMarketCap
Analysts have noted that despite the magnitude of recent BTC transactions, the market has not reacted significantly, suggesting that investors have already priced in these distributions to some extent.
Mt. Gox, a chapter that is approaching its end
Mt. Gox's cryptocurrency rollout is about to end. However, the odyssey that his creditors have experienced to get the funds back is a reminder of the risks and rewards of the world of cryptocurrencies.
On the other hand, as the end of the exchange's refund process approaches, the crypto community is closely watching Bitcoin's movements that could mark a new chapter in the history of this cryptocurrency. There is still a possibility that creditors will sell their crypto assets and put significant pressure on the market. However, the future of Bitcoin and its price will largely depend on the decisions made by Mt. Gox's creditors in the coming months.
Mt. Gox has until the end of October of this year to finish repaying its creditors and comply with the rehabilitation plan approved in court. According to data from Arkham Intelligence, the failed exchange still has 33.140 bitcoins in its possession, out of the 141.000 BTC it owned on July 1.
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