He Mt. Gox, the cryptocurrency exchange platform that no longer exists He is not finished with his bitcoin Refunds to creditors, as on-chain data shows that the exchange recently moved a significant amount of btc. This has raised the question of how much bitcoin Mt. Gox has left, considering the bitcoin-news/massive-sell-off-mt-gox-bitcoin-payout-fears-wipes-out-170-billion-from-crypto-market/” rel=”nofollow noopener” target=”_blank”>negative impact These btc refunds have had an impact on the price of the flagship cryptocurrency so far.
Mt. Gox's $2 billion in btc on the move
The on-chain analytics platform Arkham Intelligence Revealed on an x (formerly twitter) x.com/ArkhamIntel/status/1823329015450525765″ rel=”nofollow” target=”_blank”>mail that a wallet (bc1q26) that had received $2.19 billion worth of bitcoin from Mt. Gox had recently started test transactions. This development is significant as the wallet that received the 33,105 btc ($2.19 billion) from Mt. Gox is believed to belong to Bitgo, the fifth and final exchange that the trustee approved for the bitcoin-news/mt-goxs-bitcoin-dump-how-will-the-9-billion-sell-off-affect-btcs-price/” rel=”nofollow noopener” target=”_blank”>btc Refunds.
Therefore, Bitgo could be preparing to distribute these Bitcoins to creditors. After the test transaction, Bitgo excited The $2 billion in btc from Mt. Gox to another wallet (bc1qpn5), which could be a safety measure before they start making payments to creditors. These bitcoin transfers are also believed to be related to payments to creditors because some users of a Mt. Gox Reddit channel recently claimed They received btc in their Bitgo account.
bitcoin-news/mt-goxs-bitcoin-dump-how-will-the-9-billion-sell-off-affect-btcs-price/” rel=”nofollow noopener” target=”_blank”>Mt. Gox bitcoin Refunds Last month, a wave of panic began in the cryptocurrency market as the price of btc fell to $54,000. These btc distributions raised fears that Mt. Gox creditors could sell their btc once received, which would put significant selling pressure on the flagship cryptocurrency.
However, the on-chain analysis platform Cryptoquant bitcoin-news/mt-gox-creditors-opt-to-hodl-bitcoin-rather-than-sell-cryptoquant-data-shows/” rel=”nofollow noopener” target=”_blank”>revealed that these Mt. Gox creditors decided to hold on to their btc holdings rather than dump them. Cryptoquant cited a spike in Kraken withdrawals following Mt. Gox’s bitcoin refunds via the exchange, suggesting that these creditors were moving their coins to cold wallets.
This explains why bitcoin remained stable despite the recent btc transfers from Mt. Gox. However, the defunct cryptocurrency exchange has not yet shut down. holds 46,164 btc ($2.81 billion), which could still significantly impact the market depending on whether other creditors decide to hold it.
bitcoin awaits critical inflation report
bitcoin has continued to trade sideways as investors await the July result. Consumer Price Index (CPI) inflation report, due out on August 14. A positive inflation reading would strengthen the argument for the United States Federal Reserve cut rates in September, boosting investor confidence in risk assets like bitcoin and other cryptocurrencies.
The month of July Producer Price Index (PPI) The inflation report, released on August 13, was positive and below expectations. Therefore, a positive CPI inflation report could be all the confirmation the Fed needs that inflation has slowed and that now is the perfect time for rate cuts. Following the bitcoin crash on August 5, Bernstein analysts provided that the price of bitcoin would turn bullish again when the Fed cuts interest rates.
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