Bitcoin Plunges as Mt. Gox Starts Distributing Funds to Creditors

Alex Thorn, head of research at Galaxy Digital, has predicted that the majority of that BTC will get hodl'd. However, the analyst expects strong selling pressure for Bitcoin Cash .

Thorn believes that these assets are currently being consolidated before being eventually moved to creditors. Hence, the recent transfers do not mean that repayments are imminent. The analyst has added that many creditors were offered to sell their claims, but they refused to do so."Lots of speculation here on my part, no doubt.

Mt. Gox creditors, who got hit by the collapse of the major Bitcoin exchange in 2014, have been striving to get their funds back for a decade. Analysts believe that it is reasonable to view the eventual distribution of funds as a bearish catalyst. After peaking at $70,601 on the Bitstamp exchange on May 27, the price of the leading cryptocurrency crashed by nearly 4.6%. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mt. Gox moves at least $2.9 billion in bitcoin for first time in five yearsThis was the first time in five years that Mt. Gox moved assets out of its wallets, according to data from Arkham Intelligence.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Bitcoin dips 2% as Mt. Gox wallets move over $5B to unknown walletA Mt. Gox labeled Bitcoin address has moved several billion dollars with of Bitcoin to an unknown wallet in less than an hour.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Bitcoin Price Slides 4% as Mt Gox Distributions Begin With Big BTC MoveCrypto Blog
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Mt.Gox Moves $7B Bitcoin as Part of Repayment Plans, Sparking BTC Price PlungeShaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Source: CoinDesk - 🏆 291. / 63 Read more »

Bitcoin miners poised to offload BTC as mining revenue plunges: Kaiko dataA bitcoin selloff likely looms large as the miners face pressure to offload their holdings amid a steep revenue drop-off, Kaiko data showed.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Bitcoin volatility plunges below Tesla, Nvidia stocks amid $100K price predictionLower Bitcoin market volatility often heralds the onset of significant bull runs, suggesting that the current trend could propel prices toward the $100,000 to $150,000 range soon.
Source: Cointelegraph - 🏆 562. / 51 Read more »