Failed cryptocurrency exchange Mt. Gox is on its last stage of reimbursing clients with Bitcoin (BTC).
According to data from Arkham Intelligence, a wallet that received $2.19 billion in Bitcoin from Mt. Gox has just initiated test transactions.
This wallet “bc1q26” is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to creditors.
So the main question now is when will they start distributing and could this have a negative impact on BTC’s price?
During the initial Bitcoin distribution through the top crypto exchange Kraken we witnessed a significant price drop that affected not only BTC, but the whole crypto market aswell.
At the time of writing, Bitcoin is trading at $59,180 after a 1% drop in the past 24 hours and has $33 billion in trading volume. Despite this slight drop, BTC is up almost 8% on the weekly chart.
With October on the horizon, investors are eagerly anticipating what the month might hold for Bitcoin and the broader crypto market.
10x Research’s recent analysis suggests that Bitcoin may be poised for a substantial rally by late 2024.
Jeff Park, the head of alpha strategies at Bitwise Asset Management, argues that Bitcoin ETF options are unlikely to diminish Bitcoin’s inherent volatility.
A well-known crypto analyst suggests that Bitcoin bears may soon lose their grip as the leading digital asset continues to demonstrate resilience.