Mt. Gox Likely to Move More BTC Soon: Report

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As a seasoned researcher with a keen eye for cryptocurrency movements and a heart full of curiosity, I find myself intrigued by the latest developments surrounding Mt. Gox. The transfer of 370,000 dollars worth of Bitcoin from Kraken to Mt. Gox last night has certainly piqued my interest. With Mt. Gox holding a staggering $2.85 billion in Bitcoin, one can’t help but wonder if this is the start of a wave of repayments to its creditors.

Information from the Arkham Intelligence blockchain data collector has disseminated news about recent Bitcoin transactions involving the previous digital currency exchange, Mt. Gox.

Recent Mt. Gox development

Last night, the digital platform announced it had received approximately $370,000 in Bitcoin from the U.S. crypto exchange Kraken. According to Arkham’s tweet, four wallets belonging to Mt. Gox were emptied during the same period.

The data agency anticipates that additional Bitcoin payments, possibly originating from a troubled cryptocurrency service, could soon reach its creditor group.

Last night, Mt. Gox transferred $370,000 worth of Bitcoin from four of its wallets to Kraken. This move raises the question: Are more repayments to creditors on the horizon? As of now, Mt. Gox possesses approximately 44,899 Bitcoins, which equates to around $2.85 billion in value.

— Arkham (@ArkhamIntel) September 25, 2024

2021 marks the year Mt. Gox intends to initiate reimbursements to its clients. In total, approximately 142,000 Bitcoins and 143,000 Bitcoin Cash, along with around 69 billion yen in traditional currency, are anticipated for distribution.

Last July, the platform moved approximately 140,000 Bitcoins, worth around $9 billion in value then, to several centralized trading platforms like Bitstamp, Kraken, and BitGo. This was part of its preparations for the upcoming payments mentioned earlier.

According to U.Today’s earlier report, on August 21, Mt. Gox moved around 709 million dollars worth of Bitcoin to Bitstamp. On August 14, it prepared for payouts by transferring about 33,141 Bitcoins (approximately $2 billion at the time) to a new blockchain address. Additionally, around 117 Bitcoins, equivalent to approximately $7 million, were sent to OKX.

Bitcoiner Anthony Pompliano sells ETH for SOL

Today, Anthony Pompliano, a financial innovator, advocate for Bitcoin, and founder of the investment firm Pomp Investments, appeared on CNBC’s Squawk Box program. During his interview, he shared insights about Bitcoin’s current state following the recent reduction in interest rates by the Federal Reserve and China’s similar announcement.

In simpler terms, crypto expert Pomp shared with CNBC’s Andrew Sorkin his belief that Bitcoin has outperformed all other assets this year, with gold and oil futures following closely behind in terms of returns.

Following the Federal Reserve’s rate reduction, @APompliano remarks that bitcoin has emerged as the top-performing asset, while gold and oil futures follow closely behind. In his view, “Bitcoin often comes out on top when large amounts of cheap money are injected into the financial system.

— Squawk Box (@SquawkCNBC) September 25, 2024

He stated that last year he sold all of his Ethereum and acquired Solana instead, trusting that the Solana chain offers a better technology than the second largest crypto platform.

According to Pompliano, with the recent reduction in interest rates by the Federal Reserve and a similar move by the People’s Bank of China (PBOC), an influx of affordable capital into the market is expected. This situation could make Bitcoin particularly beneficial, as Pompliano stated, “Bitcoin may emerge as a significant beneficiary.

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2024-09-25 18:11