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What will be the impact of Mt. Gox repayments on Bitcoin market cap by the end of 2024?
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Publicly available cryptocurrency market cap tracking websites such as CoinMarketCap or CoinGecko
Story
Mt. Gox Moves Nearly $2.7 Billion in Bitcoin, Including 47,229 BTC, Ahead of Repayments
Jul 16, 2024, 06:59 AM
Mt. Gox, the defunct cryptocurrency exchange, has made significant movements of Bitcoin as it prepares for anticipated repayments to creditors. The exchange transferred nearly $2.7 billion worth of Bitcoin to unknown addresses, including a test transfer of 0.021 BTC. Additionally, 44,527 BTC, valued at approximately $2.84 billion, was moved to an internal wallet. Another 47,229 BTC and 526.952 BTC, worth approximately $33.63 million, were also transferred to unmarked addresses. These transactions are part of the preparations to repay around $9 billion to creditors. The large movements have caused selling pressure on Bitcoin, leading to a dip in its price.
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