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Tag: Mt. Gox

  • Bitcoin Whale Breaks 13-Year Silence, Moves $33 Million To Exchange

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    A long-dormant Bitcoin stash moved into an exchange this week, renewing worries about old coins re-entering the market and the effect that could have on prices.

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    Mt. Gox Origins And Staggering Returns

    According to blockchain tracker Lookonchain, a cluster of addresses tied to coins pulled from Mt. Gox more than 13 years ago sent 300 BTC to Binance in a single transaction.

    Those coins were reportedly bought at about $11 each, meaning the original outlay was roughly $8,151. The transfer is now worth about $33.47 million, a mark-up of roughly 410,624%. Reports have disclosed that about 590 BTC still remain in the same group of addresses.

    Wallet Activity And What Changed

    Last year, the same owner moved 159 BTC into a new wallet and then left it untouched. This recent move is different because the coins arrived in an exchange hot wallet, where they can be sold quickly.

    Traders and market watchers noted the difference: one action kept coins on the chain, the other put them within reach of an order book. Whether the owner chooses to sell some or all of the 300 BTC is not known, but the presence of those funds on Binance makes rapid selling possible.

    Market Moves And Flows

    Bitcoin’s price recovered to about $115,000 on Monday, after dipping to $102,000 on Friday. That drop triggered billions in liquidations and left traders on edge.

    Based on figures, ETFs recorded $2.7 billion in inflows over the last week, and institutional demand showed resilience despite the volatility. Still, the market’s calm is fragile; a large sell order from an old holder could change short-term supply dynamics quickly.

    BTCUSD now trading at $114,199. Chart: TradingView

    The move was flagged by on-chain analysts and then amplified across social platforms. Exchange inflows from wallets tied to early-era miners or Mt. Gox addresses tend to draw attention because they signal supply that was previously dormant coming back into circulation. In this case, the numbers are large enough to get traders’ attention.

    Possible Scenarios And Risks

    If some of the 300 BTC is sold, price pressure may increase, particularly during thin trading windows. Alternatively, the transfer could be part of estate consolidation or a decision to move funds to cold storage, in which case selling may not follow.

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    Market participants will watch wallet behavior closely: rapid withdrawals to multiple exchange addresses, for example, would likely be interpreted as a selling sign.

    Featured image from Gemini, chart from TradingView

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    Christian Encila

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  • Mt. Gox Bitcoin Movements Continue, Trustee Transfers $2.47B in BTC to Unknown Address

    Mt. Gox Bitcoin Movements Continue, Trustee Transfers $2.47B in BTC to Unknown Address

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    Bitcoin movements from the rehabilitation trustee of the defunct crypto exchange Mt. Gox are still ongoing. The wallet linked to the defunct entity just moved $2.47 billion worth of bitcoins (BTC) to an unknown address.

    According to data from the blockchain intelligence platform Arkham, the wallet transferred 32,371 BTC to the unlabelled address at around 04:46 am UTC. The stash was initially worth $2.47 billion, but bitcoin’s 24-hour plunge of nearly 1% has reduced its value slightly.

    Mt. Gox Continues Creditor Distributions

    Over the last two weeks, the Mt. Gox trustee has sent bitcoins to exchanges involved in its creditor distribution plan. These entities include Kraken and Bitstamp. One has received the funds to be distributed to creditors, and the other is still involved in the process.

    Kraken told affected parties on July 16 that it had received $3.1 billion worth of BTC and Bitcoin Cash (BCH) from the Mt. Gox rehabilitation trustee and would begin distribution within the following seven to 14 days. On July 23, Mt. Gox creditors confirmed Kraken had begun distributions as promised.

    On the other hand, Bitstamp is still receiving the assets to be distributed to creditors. So far, the defunct entity has transferred more than $657 million worth of BTC to addresses linked to Bitstamp, of which $156 million was moved yesterday. Arkham said $335 million of the funds moved this morning would be distributed to Bitstamp addresses. The exchange has promised to repay creditors shortly after receiving the total assets.

    More Distributions Coming

    Yesterday, Mt. Gox moved $2.85 billion worth of BTC to new wallets in preparation for more distributions. Such large moves often precede transfers to involved exchanges for creditor payouts. Kraken and Bitstamp are some of the five trading platforms involved in this process. Others are bound to receive their assets with time.

    At the time of writing, the Mt. Gox wallet address held about 90,344 BTC worth roughly $5.99 billion at market prices. Bitcoin was trading at $66,400.

    Meanwhile, creditors’ potential sale of the Mt. Gox bitcoins has stirred some fear, uncertainty, and doubt in the crypto space, but analysts insist that the impact on the market is overestimated.

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    Mandy Williams

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  • More Details About the Mt. Gox Bitcoin Repayments: What’s Next?

    More Details About the Mt. Gox Bitcoin Repayments: What’s Next?

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    The defunct cryptocurrency exchange Mt Gox has finally commenced creditor repayments ten years after filing for bankruptcy.

    According to an announcement from the Mt Gox Rehabilitation Trustee, the defunct estate distributed bitcoin (BTC) and Bitcoin Cash (BCH) payments to some creditors on July 5 through designated crypto exchanges linked with the repayment plan.

    Mt Gox Begins Repayments

    The Mt Gox trustee will continue repaying other creditors when certain conditions are met, including confirming the validity of registered accounts, completing discussions with designated crypto exchanges, and confirming that repayments can be made safely.

    The rehabilitation trustee has asked that eligible creditors remain patient while the issues are sorted out. The estate intends to complete repayments before the October 31 deadline.

    The commencement of Mt Gox distributions comes as BTC struggles to remain above $54,000 after plunging roughly 5% in the past 24 hours. On the other hand, BCH is down 12% within the same timeframe and hovered around $300 at the time of writing.

    Over the past few weeks, there have been concerns that the selling pressure from the Mt Gox distributions would trigger a major BTC correction. Although on-chain experts believe the defunct estate’s BTC moves are no cause for alarm and would cause no immediate selling pressure on the cryptocurrency, Bitcoin charts say otherwise.

    Could Bitcoin Plunge Further?

    Earlier Friday, bitcoin briefly fell below $54,000 as the Mt Gox estate transferred $2.7 billion worth of bitcoin to a new address in preparation for the repayments. A similar move was seen in May when BTC slumped 4% from $70,000 after Mt Gox moved its bitcoins.

    As the repayments continue, bitcoin faces a risk of falling to $50,000, with Mt Gox creditors potentially selling their assets as soon as they are received. This potential decline could also be accelerated by the continued sale of BTC by the German government, which has offloaded roughly 9,641 BTC worth over $539 million in the past 15 days. The crypto wallet linked to the government still holds around 40,000 BTC.

    With BTC persistently heading southward, liquidations in the crypto market have been upwards of $660 million and will most likely increase in the coming days. Regardless, analysts insist that leading crypto asset is bound for another rally as the market is still in a bull season.

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    Mandy Williams

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