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The retention of 90,000 Bitcoin by Mt. Gox, valued at over $6 billion, creates significant market speculation and potential volatility.
As traders and investors assess the impact of the sell-off on the Bitcoin market, Mt. Gox retains an impressive 90,000 Bitcoin, valued at over $6 billion.
In a transaction that took place on July 24, 2024, at 06:50:05 UTC, Bitstamp received about 382 Bitcoin, with a value of about $25 million, according to data from Arkham Intelligence.
Market Reactions to Mt. Gox Sell-Off News
The $8.2 billion dilemma boils down to whether the Mt. Gox creditors, who have been waiting for repayment for more than a decade, will sell their assets, and news of the sell-off has caused market players to fear, wonder and be apprehensive in the past several weeks.
Cointelegraph shares that among 467 creditors surveyed for the Mt. Gox bankruptcy subreddit, 20%, or 88 people, want to sell their Bitcoin assets, while 56% say they would keep them. Even though some of the remaining respondents want to sell some of their Bitcoin, they have decided to keep the rest.
Kraken Users Receive Cash Distribution
Information provided by Ki Young Ju, founder of CryptoQuant, further supported the results of the Reddit survey. Following the July 23, 2024, distribution of cash to Kraken users, the quantitative analyst clarified:
The opinion of RunnerXBT, an analyst at Onchain, is similar; he says that traders who are "paper hands" will sell their Bitcoin reimbursement money, adding to the selling pressure, while traders who see the value in the limited decentralized asset will keep their funds.
In contrast, financial expert Jacob King has a different take on things. He predicts that as many as 99% of the creditors from Mt. Gox would liquidate their Bitcoin holdings, which, along with the low organic demand for the cryptocurrency, will send its price down into bear market territory.
Bitcoin has remained relatively stable in price despite the billions of dollars worth of possible selling pressure from the Mt. Gox bankruptcy payments.
Bitcoin Prices Despite Mt. Gox Repayment
Bitcoin, which has been greatly affected by recent political events, has recently reached a high of over $68,000 and is now trading at around $65,000, notwithstanding the continuing Mt. Gox repayment matter.
