NewsletterBitcoin [BTC] Whale Transaction Alert Stirs Fear of $900 million Mt. Gox Dump
The Mt. Gox fund trustee, Nobuaki Kobayashi, has been granted an extension by a Tokyo Count to submit a fresh proposal as the creditors are unhappy with the earlier one. The deadline has now been pushed until July 1, 2020.
According to Cryptoground, the total amount of Bitcoin [BTC] and Bitcoin [BCH] Cash is 137,891 BTC and BCH each. At the rate of $6500 for BTC and $215 for BCH, it amounts to more than $925 million. According to an earlier report from March 2019, it had more than 141,600 BTC and BCH each. We have asked the relevant parties on details of the reduction, and are waiting to hear from them.
In 2019, the suspect dump for the PlusToken scam nearly $3 billion drove the markets into a bearish channel. Reportedly, Kobayashi sold some $400 million from the trust fund early in 2018 which also created a lot of FUD around price.
Whale Alert creates a scare of dump
Last night Whale Alert posted a public post of an 800 BTC transaction which mentions ‘Mt Gox’ as a part for the name of the address.
800 #BTC (5,163,286 USD) transferred from DiscusFish/F2Pool/MtGox/FreeBitco.in to unknown wallet
— Whale Alert (@whale_alert) March 31, 2020
However, this is not related to the defunct exchange but linked to the mining pool, F2Pool.
While the sell-off might have been delayed, the clouds of uncertainty due to the settlement continues to linger at large. As reported earlier on CoinGape, even the sell-off before the Coronavirus panic hinted towards Mt. Gox.
Moreover, the dumps from Mt. Gox is likely to occur after halving. In the past, Bitcoin’s price has been bullish post halving. However, the threat of increasing sell pressure from Mt. Gox creditors looms which could push the markets into bears yet again.
Furthermore, reportedly, the creditors are also demanding to be reimbursed in Bitcoin itself, rather than in FIAT which will cause pandemonium in the entire market.
When do you think Mt. Gox exchange settlement is likely to take place? Please share your views with us.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- NYSE Arca Clears Bitwise Dogecoin ETF for Trading Today After Grayscale’s Slow Start
- Franklin Templeton Submits Final SEC Filing for Solana ETF Following XRP ETF Success
- Breaking: Bitcoin Gains State Adoption as Texas Becomes First U.S. State to Purchase BTC
- Rate Cut Advocate Kevin Hassett Emerges as Trump’s Top Pick For Fed Chair
- Breaking: Crypto Platform Polymarket To Operate As A U.S. Exchange as CFTC Issues Key Order
- Monad Price Prediction Amid Mainnet Debut — Is a Bigger Breakout Ahead?
- Chainlink Price Could Soar to $15 as ETF Listing Nears
- Will Cardano Price Rebound as Hoskinson Hints at a TVL Surge After Midnight Launch?
- Ethereum Price Holds $2,900 Amid Massive ETF Inflows and BlackRock Purchase
- Sui Price Surges 12%: Could This Mark the Start of a Bullish Trend?
- Is Bitcoin Price Set for Major Recovery as December Rate Cut Chances Hit 80.9%?
