Bitcoin

Reports indicate that Mt. Gox, a cryptocurrency exchange located in Tokyo, has recently moved 48,641 <a href="https://optimisus.com/news/crypto-news/bitcoin-mining-profitability-is-at-historic-lows-despite-high-trading-values/" rel="noopener noreferrer nofollow">bitcoins</a>, leading to concerns regarding its potential repayment to creditors.Ki Young Ju, the CEO of CryptoQuant, has the belief that the fear and uncertainties surrounding the repayment of Bitcoin are overstated. He states that the increase of Bitcoin’s market capitalization is surpassing the growth of its realized capitalization, suggesting a strong demand.Although $224 billion worth of Bitcoin has been sold since 2023, the value of the asset has soared by 350%. The $3 billion worth of Bitcoin held by Mt. Gox represents only 1% of the total gain in realized capitalization throughout this bullish market cycle, even if it were to be sold on the Kraken exchange.Ju cautions that Bitcoin is still susceptible to speculative fear, uncertainty, and doubt (FUD). However, those who hold onto Bitcoin for extended periods generally acquire additional Bitcoin throughout these times, indicating a heightened level of confidence in the commodity.Although there have been substantial Bitcoin transfers as part of the bankruptcy process, just 36% of the platform’s Bitcoin assets have been distributed to creditors.This scenario highlights the significance of market resilience and the contribution of long-term investors to maintaining market stability. Throughout the reimbursement process, the cryptocurrency community will carefully observe the influence on Bitcoin’s price and general attitude.Recently, <a href="https://optimisus.com/news/crypto-news/kraken-to-start-distributing-bitcoin-and-bitcoin-cash-funds-from-the-mt-gox-trustee/" rel="noopener noreferrer nofollow">Kraken exchange has obtained</a> money from the <a href="https://optimisus.com/press-releases/mt-gox-btc-transfer-impact-will-the-market-stay-strong/" rel="noopener noreferrer nofollow">Mt. Gox Trustee</a> and intends to disburse it to creditors within a timeframe of 7–14 days.

Mt. Gox’s recent Bitcoin transactions spark fears among investors

Optimisus

Other articles published on Jul 18, 2024

USDC Gains Momentum: Analyzing 0.03% Increase and Market Impact!

BlockDAG’s Latest Dev Release 73 Elevates X1 App Security; Forthcoming CEO & Team Unveiling Spurs...

55% of Mt. Gox Bitcoin Recipients Choose to Hold Their Newly Returned BTC, Major Bullish Sign for...

Chainlink Launches Digital Asset Sandbox

Pawfury (PAW) and Bonk (BONK) Token Price Predictions: Enthusiastic Interest Sparks Market Optimi...

As Notcoin Rises and Ethereum Falls, BlockDAG Takes Center Stage with a 1400% Surge After Ranking...

Join our free newsletter for daily crypto updates!