Key Takeaways:
- Mt. Gox transferred 47,229 Bitcoin ($2.71 billion) to a new wallet, marking its first major transaction since May.
- The transfer is part of a repayment plan for creditors, with a total of $8.5 billion in Bitcoin scheduled for repayment.
- Concerns over market impact arise as analysts estimate around $4.5 billion might be sold, though many holders may delay selling due to tax implications.
Mt. Gox, a collapsed Japanese crypto exchange, transferred 47,229 Bitcoin (worth $2.71 billion) to a new wallet address, marking its first major transaction since May.
This movement is part of Mt. Gox’s plan to repay creditors, with a total of $8.5 billion in Bitcoin scheduled for repayment.
BREAKING
— Arkham (@ArkhamIntel) July 5, 2024
Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. pic.twitter.com/3ZdSlC1IX2
On July 5, the exchange also moved 1,545 BTC to the hot wallet of Bitbank, one of the supporting exchanges.
Concerns arose about the potential market impact of creditors selling their Bitcoin, which has been inaccessible for over a decade.
⚠️ Mt. Gox transfer $2.7B in #Bitcoin to new wallet address
— BITCOIN EXPERT INDIA (@Btcexpertindia) July 5, 2024
One of Mt. Gox’s cold wallets just transferred more than 47,000 BTC to an unknown wallet address amid a plan to begin repaying its creditors. pic.twitter.com/UbULQRwiVy
Some analysts believe the actual amount that might be sold is around $4.5 billion.
Others suggest that many holders might not sell quickly due to potential capital gains taxes.
NEW: Mt. Gox transfers 47,228 #Bitcoin ($2.71 billion) from cold storage to a new wallet. pic.twitter.com/Z0Ezj7SPQE
— Bitcoin News (@BitcoinNewsCom) July 5, 2024
Previously, on May 28, Mt. Gox transferred nearly $7.3 billion in Bitcoin, causing a 2% price dip.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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