Mt. Gox Bitcoin Moves Will Cause No Immediate Selling Pressure: CryptoQuant

Analysts from the market intelligence platform CryptoQuant say the recent bitcoin moves by the defunct crypto exchange Mt. Gox are no cause for alarm and would cause no immediate selling pressure on the digital asset.from the analytics firm, the transfers were executed between Mt. Gox’s trustee addresses and are not a sign that creditor repayments have begun.On May 27, on-chain analysts noticed the movement of 138,000 BTC, worth roughly $9.

The cryptocurrencies were moved via seven different transactions with volumes ranging between 4,000 and 32,000 BTC. The whole stash was initially moved to a single address before being distributed to three different addresses. At the time of writing, the addresses held 47,400 BTC each.that BTC lost 4% of its value as news of the transfers spread.

Contrary to what the majority of the community thinks, the new addresses that received the bitcoins belong to Mt. Gox’s Rehabilitation Trustee, which is the attorney managing the creditors’“The type of transfers, where an entity consolidates a large amount of Bitcoin scattered in several addresses into a few addresses, seems to be the prelude of the Trustee initiating repayments to creditors under the Rehabilitation Plan.

Hence, CryptoQuant analysts believe the transactions would cause no immediate sell pressure for BTC as the assets in question are not yet available to the open market.What is Notcoin ? The Viral Token Coming to The Open NetworkSign-up FREE to receive our extended weekly market update and coin analysis report

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.

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