As an experienced crypto investor who weathered the tumultuous crypto market since its infancy, I can’t help but feel a mix of emotions when hearing about Mt. Gox moving millions worth of Bitcoin. The exchange’s saga has been a rollercoaster ride, to say the least – from being the largest Bitcoin exchange to filing for bankruptcy after a devastating hack in 2014.
The long-defunct Mt. Gox exchange moved $49.3 million worth of Bitcoin earlier today.
A portion of this sum ($19 million) was distributed to two fresh wallets.
The trading platform, which went bankrupt back in early 2014, continues to hold roughly $3.45 billion in Bitcoin.
As reported by U.Today, Mt. Gox also made several other transactions earlier this month.
In June, following the announcement that it would begin distributing assets lost due to the well-known 2014 hack, the unsuccessful transaction led to a sharp decrease in price.
It turns out that the influence of Mt. Gox creditors deciding to sell their coins was actually underestimated by many. Contrary to expectations, most creditors were not in a hurry to get rid of their cryptocurrency. NYDIG’s analysis indicates that the impact of Mt. Gox sellers on the market was relatively small or insignificant at best.
As an analyst, I’d rephrase that statement as follows: For me, this could be seen as a positive sign, since a longstanding burden that had been hanging around for nearly a decade seems to be finally resolving itself.
The deadline for final repayment has been pushed back multiple times from its original date of Oct. 31, 2023. Now, it seems that the creditors won’t be fully repaid until at least a year later than initially planned.
As a researcher, I find myself noting that in October, the trustee of Mt. Gox extended the payout deadline to October 31, 2025. This means that market participants can rest assured, as there will be no immediate need for selling pressure in the near future.
Back in early 2014, Bitcoin was priced below $50 during the collapse of the Mt. Gox exchange. Today, however, its value stands at approximately $94,826 as per the latest figures from CoinGecko.
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2024-12-23 18:46