Bitstamp Announces Distribution of BTC and BCH to Mt. Gox Creditors
Bitstamp, a popular cryptocurrency exchange, is preparing to send Bitcoin (BTC) and Bitcoin Cash (BCH) to creditors of Mt. Gox. This move is part of the repayment process initiated by Mt. Gox’s Trustee earlier this month.
- Bitstamp is the next exchange in line to distribute funds to Mt. Gox creditors
- After years of waiting, previously locked BTC is set to hit the markets
- Crypto assets from Mt. Gox trustees were received by Bitstamp for distribution
- A separate distribution plan will exclude UK residents
“There will be a separate distribution plan. Rest assured, we’ll keep you updated on the process and ensure you receive your assets as soon as possible,” said Bitstamp.
More BTC Entering the Market
Bitstamp’s announcement came after Mt. Gox reactivated its crypto wallet and initiated Bitcoin transfers. The entity conducted test transfers before moving significant amounts.
- Mt. Gox transferred $2.85 billion worth of Bitcoin to new wallets
- 5,110 BTC, valued at $340 million, was sent to four Bitstamp addresses
- An additional $2.47 billion in Bitcoin was transferred with 5,106 BTC going to Bitstamp addresses
- Bitstamp is among five exchanges facilitating repayments, including Kraken and Bitbank
Following the recent activities, Kraken confirmed receiving assets and repaying Mt. Gox creditors this week.
Bitcoin’s Resilience Amid Mt. Gox Repayments
The cryptocurrency market experienced heightened volatility and price declines after Mt. Gox initiated repayments. Bitcoin’s price dipped to $54,000, its lowest level in five months.
- Mt. Gox is repaying approximately 141,686 BTC, valued at $9.4 billion, to creditors
- Fears of selling pressure due to creditors receiving funds caused market concerns
- Analysts worry about potential destabilization of prices with the influx of Bitcoin
Despite concerns, some analysts believe the market’s maturity can handle the increased Bitcoin supply. Many Mt. Gox creditors may opt to hold assets rather than sell immediately.
- Previous events involving large Bitcoin liquidations did not significantly impact prices
- Market sentiment remains bearish but Bitcoin quickly recovers losses
- CoinGecko data shows Bitcoin trading at around $66,000, approaching its previous all-time high
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