After a decade of waiting, creditors of the now-defunct bitcoin exchange Mt. Gox have finally begun receiving their owed bitcoin (btc) and bitcoin Cash (BCH) via Kraken and bitcoin-to-bitstamp/” target=”_blank” rel=”nofollow”>bit mark cryptocurrency exchanges.
However, this had a noticeable impact on the cryptocurrency market, contributing to a nearly 4% drop in the price of bitcoin after users confirmed deposits into their wallets from exchanges.
Mt. Gox distributes millions between Bitstamp and Kraken
Early on Tuesday morning, wallet addresses linked to Mt. Gox initiated the transfer of $2.85 billion worth of btc.
According to the chain x.com/ArkhamIntel/status/1815681016050147533″ target=”_blank” rel=”nofollow”>data According to blockchain analytics platform Arkham, Mt. Gox executed the movement of $2.85 billion in btc to new wallets with the primary purpose of distributing 5,110 btc, equivalent to $340.1 million, to four different Bitstamp addresses.
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Bitstamp is one of five exchanges collaborating with the Mt. Gox trustee to facilitate the return of money to the exchange’s creditors, including Kraken and Japanese exchanges Bitbank and SBI VC Trade. Notably, Mt. Gox still retains possession of 85,234 btc, valued at approximately $5.7 billion.
While some users within the Reddit community have confirmed Following the receipt of bitcoin returned by Mt. Gox via Kraken, Bitstamp users have reported that they have not yet received their allocations.
Kraken had previously x.com/News_Of_Alpha/status/1813167748115292467″ target=”_blank” rel=”nofollow”>Announced the successful receipt of funds from the Mt. Gox trustee creditors in the amount of more than $3 billion or 48,641 btc, estimating a period of 7 to 14 days for the full deposit of funds into users' accounts.
Critical Support Zones for bitcoin
Following the Mt. Gox payments, market data analytics platform CryptoQuant has spotted the price correction that btc has experienced in the last few hours, with the company noting that it has affected the btc holders' 1-3 month line.
Cryptoquantity x.com/cryptoquant_com/status/1815683450973671529″ target=”_blank” rel=”nofollow”>emphasizes the importance of monitoring support levels, specifically highlighting the $63,600 area, which represents the average purchase price of bitcoin holders for 3 to 6 months.
On the other hand, cryptocurrency analyst Caleb Franzen has… x.com/CalebFranzen/status/1815802868580090057″ target=”_blank” rel=”nofollow”>observed bitcoin is returning to a familiar support zone, which has proven to be effective. Despite the temporary setback, Franzen argues that bitcoin has shown a pattern of increasingly higher highs and higher lows in the short term, indicating resilience amid the current price volatility.
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Other perspectives provided by analyst Ali Martinez point to a potential x.com/ali_charts/status/1815743814994145351″ target=”_blank” rel=”nofollow”>double bottom pattern with bullish divergence of the Relative Strength Index (RSI) on lower time frames for bitcoin. If confirmed, bitcoin could experience a rally to $67,600, provided the critical support level of $66,000 holds firm.
Going deeper into the chain x.com/ali_charts/status/1815465268745056527″ target=”_blank” rel=”nofollow”>dataMartinez highlights a crucial support zone for bitcoin between $63,440 and $65,470. Within this range, approximately 1.89 million addresses collectively purchased 1.23 million btc, highlighting the importance of this zone as a key area to monitor in the coming days.
Featured image of DALL-E, chart from TradingView.com
