Mt. Gox has moved a substantial amount of Bitcoin, sparking speculation about upcoming repayments to its customers.
This action could threaten the ongoing Bitcoin price rally, as past repayments have historically pressured the cryptocurrency’s value.
The defunct exchange transferred a portion of its BTC holdings after receiving $370,000 from Kraken, leaving it with 44,899 BTC worth about $2.85 billion, indicating that repayments are not yet finished. Earlier this year, Mt. Gox initiated repayments through multiple platforms, and the latest transfers suggest more could be on the way.
Such repayments previously contributed to Bitcoin’s decline below $55,000 in July, alongside significant sell-offs from customers and the German government selling off 50,000 BTC.
However, the current market environment seems more favorable. Large Bitcoin holders recently sold over 20,000 BTC without causing major price drops, with Bitcoin even reaching $64,000. Analysts remain optimistic, citing recent interest rate cuts by the U.S. Federal Reserve and stimulus measures from China as factors that could push Bitcoin towards the $100,000 mark.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.