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Mt. Gox plans to sell Bitcoin
Find out all about the impact of the Mt. Gox sell-off on the Bitcoin price and how it could affect the market. Speculators and analysts are worried! Find more in our article.
Mt. Gox plans to sell Bitcoin
After over a decade, the hacked crypto exchange Mt. Gox plans to pay out a significant amount of Bitcoin (BTC) to its creditors. This withdrawal totals approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH), with a total value of over $9 billion. The upcoming withdrawals have raised concerns among speculators and analysts as the market could potentially face selling pressure from the Mt. Gox BTC influx in the coming weeks.
Mt. Gox was one of the first major cryptocurrency trading venues to fall victim to a hack in 2014, losing around 850,000 BTC. Despite the exchange's demise, parts of the stolen BTC were recovered. Almost a decade later, the defunct platform is preparing to sell off this holding of BTC to service its creditors.
Experts are divided over the potential impact of these payouts on the price of Bitcoin. While some believe that creditors could hold on to their BTC, others fear that the massive influx of digital assets could lead to a sell-off and cause a temporary drop in the price. Despite these uncertainties, the digital currency market continues to show some resilience to external pressures.
There is speculation that the payouts could be made in tranches so as not to unduly influence the Bitcoin price. Still, the planned BTC payout to creditors is a step in the right direction, as it has been a long-standing source of fear and doubt in the crypto world. It remains to be seen how the market will perform if the Mt. Gox BTC actually hits the market in the coming weeks.