Bitcoin price fell further below the $57,000 mark on Thursday night after defunct crypto exchange Mt Gox moved nearly 47,229 BTC to another wallet address.
In late June, the defunct bitcoin exchange said it would begin distributing over $9 billion worth of funds in bitcoin, bitcoin cash and fiat currency to its creditors from early July. That would be around 142,000 bitcoin , 143,000 bitcoin cash and fiat currency worth 69 billion Japanese yen . “Although creditors will likely sell their BTC from Mt Gox, the selling pressure may not be as big as many expect, since creditors could have sold their claims earlier on bankruptcy claim markets,” said Nick Ruck, head of growth of BitU Protocol. “Bitcoin is perhaps the most liquid digital asset market that can absorb this pressure, and there is still demand for cheaper prices in the short term, as many expect a continued bull market in the long run.
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