The Pending Mt. Gox Distribution
John Barry | Tue Jul 23 2024
Currently, there are five significant events impacting the future price of Bitcoin and the cryptocurrency market. Each of these events individually would normally be impactful enough to be the most talked-about topic in the crypto space. However, the convergence of these events at the same time makes their combined effect even more significant. This article focuses on the Mt. Gox Distribution.
Mt. Gox Distribution
On June 24th, the Mt. Gox Trustees announced they will be returning 140,000 Bitcoins to investors who have been frozen out of their accounts since the Mt. Gox hack on February 28, 2014. On July 13th, Mt. Gox started transferring approximately $3 billion worth of Bitcoin and Bitcoin Cash to some “rehabilitation creditors,” which includes crypto exchanges.
One crypto exchange in the distribution is Kraken, which posted the following:
This indicates the earliest users may be selling their Mt. Gox Bitcoins is in a range of July 20th through July 27th. At the time of this report, Mt. Gox had transferred $3 billion of funds and still holds $6 billion of funds.
Coming Soon:
Long Term Prospects: Outstanding
The good news is that the Mt. Gox distribution is a one-time short-term event. Many feel this will create a buy-the-dip moment. A $9 Billion distribution when most receivers plan to sell is a significant hurdle to overcome.
The bullish events to be covered in future articles are either medium-term events (Bitcoin Halving, Interest Rate Decreases) or long-term events (Better US cryptocurrency policy and Cryptocurrency ETFs).
Most feel the patient investor will be rewarded. As these bullish events unfold and their effects compound over time, the long-term prospects for Bitcoin and the broader cryptocurrency market remain outstanding.
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