Mt. Gox Creditors Receive Long-Awaited Bitcoin Payout
After years of waiting, creditors of the now-defunct Mt. Gox Bitcoin exchange have finally started to receive their owed Bitcoin (BTC) and Bitcoin cash (BCH) via the Kraken and Bitstamp crypto exchanges. The reception of these long-awaited payments has triggered an impact on the cryptocurrency market, leading to a nearly 4% decline in Bitcoin’s price as users confirmed the deposits to their wallets from the exchanges.
Mt. Gox Initiates Distribution to Bitstamp and Kraken
Early on a Tuesday morning, wallet addresses associated with Mt. Gox launched the transfer of $2.85 billion worth of BTC. Blockchain analytics platform Arkham’s on-chain data revealed that Mt. Gox initiated the movement of $2.85 billion in BTC to new wallets with the primary intention of distributing 5,110 BTC, equivalent to $340.1 million, to four distinct Bitstamp addresses.
- Mt. Gox collaborates with five exchanges to return funds to creditors
- Mt. Gox still holds 85,234 BTC worth approximately $5.70 billion
- Reddit users confirm Bitcoin receipt through Kraken
Update on Bitcoin’s Critical Support Levels
Following the Mt. Gox payouts, market data analysis platform CryptoQuant detected a price correction in BTC over the last few hours, impacting 1-3 month BTC holders. CryptoQuant emphasized the importance of monitoring support levels, specifically pointing out the $63,600 range, which reflects the average purchase price of 3-6 month bitcoin holders.
- Analyst Caleb Franzen observes Bitcoin returning to a reliable support zone
- Bitcoin displays higher highs and higher lows in the short term
- Analyst Ali Martinez highlights potential double-bottom pattern for Bitcoin
Potential Rebound for Bitcoin
According to analyst Ali Martinez, there is a potential double-bottom pattern with bullish relative strength index (RSI) divergence on lower time frames for Bitcoin. If validated, Bitcoin could experience a rebound to $67,600, contingent upon the critical support level at $66,000 holding steady. Martinez also notes a crucial support zone for Bitcoin between $63,440 and $65,470, with approximately 1.89 million addresses collectively purchasing 1.23 million BTC within this range.
Hot Take: Stay Informed and Stay Vigilant
As a crypto enthusiast, it is essential to stay informed about market developments and potential impacts on cryptocurrency prices. With the Mt. Gox payouts affecting Bitcoin’s price and critical support zones in focus, keeping a close eye on market fluctuations and expert analyses can help you make informed decisions regarding your investments. Remember, volatility is inherent in the crypto market, so stay vigilant and prepared for any scenarios that may arise!
Sources:
– Bitcoinist: https://bitcoinist.com/mt-gox-bitcoin-to-bitstamp/
– ArkhamIntel Twitter: https://x.com/ArkhamIntel/status/1815681016050147533
– Reddit: https://www.reddit.com/r/mtgoxinsolvency/comments/1eac21h/kraken_btc_arrived/
– CryptoQuant Twitter: https://x.com/cryptoquant_com/status/1815683450973671529
– Caleb Franzen Twitter: https://x.com/CalebFranzen/status/1815802868580090057
– Ali Martinez Twitter: https://x.com/ali_charts/status/1815743814994145351
– Ali Martinez Twitter: https://x.com/ali_charts/status/1815465268745056527
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