Mt Gox News: Reddit Poll Shows Over 50% Creditors Won’t Sell Bitcoin
Highlights
- Over 50% of Mt Gox creditors will not sell Bitcoin after repayment.
- This comes after speculations from the market as they wait for repayment.
- A slew of users opine that institutional activity might not affect sales.
A new Reddit poll shows that over 50% of Mt Gox creditors will not sell repayment Bitcoin (BTC). As repayment moves go underway to distribute assets after a decade, creditors express delight in the development. However, industry watchers worry about the effect of the market should a bulk of users sell their Bitcoin.
Over 50% of Mt Gox Creditors Won’t Sell
A recent poll conducted on social platform Reddit shows that 55% of Mt Gox creditors will not sell after receiving repayment. 467 members participated in the online polls with 260 creditors choosing not to sell any part of the assets after the compensation. However, 18% of participants (88 voters) chose to sell all the assets while the rest chose to sell a portion and hold the rest.
26 participants elected to sell 25-50% of Bitcoin while 68 creditors opted to sell 1-25% of assets. The reasons for this happened due to the rate of global adoption of Bitcoin in the last decade. The price of assets touched an all-time high above $73,000 this year after the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
As a result, some creditors might want to sell part or a bulk of assets to make a sizable profit while others would hold on in anticipation of more gains.
Community Await Bitcoin Repayments
This month, the exchange announced that it will begin repayments of affected creditors after a decade. Mt Gox creditors are expected to receive about 140,000 Bitcoin over the coming months. This is worth an estimated $9 billion, a total 9,000% increase in the last 10 years.
A major concern for the community remains the volume and impacts on the market should Mt Gox creditors decide to sell assets. Recently the German government Bitcoin sale sparked a downward trend in the market with BTC price plunging to $55,000. However, a cross-section of the market believes Mt Gox creditor’s sales will not impact the market due to the presence of institutional investors.
Also Read: XRP Whales Buy The Dip With $139M Accumulated From Major Exchanges
- Just-In: Bhutan Govt Moves Another $47M in BTC Amid Rising Selling Pressure
- Cardano News: Foundation Pledges Eight-Figure ADA Liquidity for Stablecoin Projects
- Bitcoin Price to Continue Falling in Q4, Predicts 10x Research & On-Chain Data
- Will Crypto Market Recover As Bitcoin and Altcoins Test Crucial Support?
- FTT Token Rallies as Sam Bankman-Fried’s Account Tweets Amid Prison Sentence
- Ethereum (ETH) Price Faces Pullback Before $10K Surge Amid SEC ETF Approval
- PEPE Coin Price: Analyst Sees Breakout-Retest Pattern- Will It Surge Over 230%?
- Shiba Inu Price Eyes 25% Rally as Outflows Jump and Whales Buy 62B Coins
- XRP Price Rises on mXRP Launch, Recovery Ahead?
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
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.
