Bitcoin Price Falls After Mt. Gox Trustee Makes Transactions
Bitcoin faced a 1.4% drop due to a substantial amount of Bitcoin being moved by the Mt. Gox trustee*, leading to investor concerns.
Spooked Investors Witness Bitcoin’s Sudden Dip
- The Mt. Gox trustee moved $2.8 billion in Bitcoin to a cold wallet.*
- Bitcoin’s price currently stands at $62,968.33, marking a sharp decline from its recent high.
- Despite the drop, Bitcoin remains 10% higher than last week, according to CoinGecko data.*
- The Mt. Gox cold wallet now holds $3 billion out of the $9 billion due to creditors for repayment.
Distribution of Bitcoin to Creditors
- Bitstamp is one of five exchanges involved in distributing Bitcoin to creditors.
- Bitstamp plans to initiate distributions promptly, aiming to fulfill creditors as soon as possible.
- The trustee will start refunding Bitcoin to investors from July onwards.*
Mt. Gox’s History and Impact on Bitcoin Market
- Mt. Gox, once the largest Bitcoin exchange globally, faced massive transfer volumes in 2013.
- German government’s recent Bitcoin selling spree exerted more significant influence on the market than Mt. Gox creditors.*
- Analysts believe long-term Bitcoin enthusiasts among creditors are unlikely to sell their entire Bitcoin holdings immediately.
Impact of Mt. Gox Transactions on Bitcoin Market
Bitcoin investors experience turbulence as Mt. Gox trustee’s Bitcoin transactions lead to price fluctuations and evoke concerns among the crypto community.*
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