2024

Galaxy

Bitcoin

Arkham

The defunct Japanese cryptocurrency exchange Mt. Gox has transferred 47,228 Bitcoin, valued at approximately $2.71 billion at current prices, to a new wallet address.&nbsp; 
This <a href="https://platform.arkhamintelligence.com/explorer/address/1L7XbxQSLQX2fkf8MiJNp4ok8TSD5J6onk" target="_blank" rel="noreferrer noopener nofollow">transaction</a> marks Mt. Gox’s largest movement of Bitcoin since May, conducted from its “cold storage,” according to blockchain analytics firm Arkham Intelligence. 
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 BREAKING Mt Gox moves 47,228 BTC ($2.71 billion dollars) from cold storage to a new wallet. <a href="https://t.co/3ZdSlC1IX2" target="_blank">pic.twitter.com/3ZdSlC1IX2</a>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1809023951932162227?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
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The timing of this transfer coincides with Mt. Gox’s planned commencement of repayments to creditors starting this month. A staggering <a href="https://www.cryptotimes.io/2024/07/01/mt-gox-9-billion-repayment-triggers-bitcoin-sell-off-fears/" target="_blank" rel="noreferrer noopener">$9 billion worth of Bitcoin</a> is earmarked for repayment, a process outlined in a recent statement by Mt. Gox trustee Nobuaki Kobayashi confirming the completion of necessary steps for repayment initiation. 
While concerns loom over a potential market impact from the influx of these long-inaccessible Bitcoins, analysts suggest a more tempered estimate. Some anticipate that approximately $4.5 billion worth of Bitcoin could potentially enter the market, reflecting creditor actions over time rather than an immediate mass sell-off. 
Galaxy Digital’s head of research, Alex Thorn, highlighted the possibility that many creditors may opt to hold onto their Bitcoin holdings, expecting a more cautious approach (“diamond-handed”) among Mt. Gox Bitcoin holders. Additionally, significant tax implications for outright sales could deter large-scale liquidations in favor of staggered or partial disposals. 
Following Mt. Gox’s $7.3 billion Bitcoin transfer on May 28, which caused a brief 2% market dip, Bitcoin now trades at around $57,226, down 6.9% this week but up 35.6% year-to-date, as per TradingView. 
The ongoing saga of Mt. Gox’s Bitcoin holdings underscores the complex dynamics of cryptocurrency markets, balancing potential large-scale liquidations with the resilience of long-term holders amid evolving regulatory and market conditions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also&nbsp; Read: <a href="https://www.cryptotimes.io/2024/07/03/bitcoin-dips-below-60k-whales-and-mt-gox-trigger-sharp-sell-off/" target="_blank" rel="noreferrer noopener">Bitcoin Dips Below $60K, Whales and Mt. Gox Trigger Sharp Sell-Off</a> 
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Mt. Gox Transfers 47,228 Bitcoin Worth $2.71B to New Address

The Crypto Times

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