MT. GOX'IN NEW BTC TRANSFERS ON THE AGENDA WITHIN THE MARKET
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Mt. Gox has recently caused unease in the cryptocurrency market with its high-volume Bitcoin (BTC) transfers. It has been reported that approximately 11,834 BTC were transferred, with 11,502 BTC going to a new wallet and the remaining amount transferred to a hot wallet. This movement occurred following a BTC transfer worth 1.07 billion dollars at the beginning of March and a subsequent transaction of 15 million dollars (CoinDesk, 2024). Mt. Gox, which went bankrupt after a major hack attack in 2014, has decided to make payments in BTC and Bitcoin Cash (BCH) to creditors, starting repayments that will last from July 2024 to October 2025 (Reuters, 2024).
New transfers raise the risk of creating a large-scale selling wave if creditors flood the market with their BTC holdings. On the other hand, institutional investors or OTC markets may absorb this supply, or creditors may opt for staggered payments. Bitcoin has dropped to the level of 76,624 dollars due to the effects of the transfers; however, it has recovered to reach the band of 80,000 dollars. Ethereum, after a 7.5% loss in value, is trading around 1,900 dollars, while significant declines have also been observed in major altcoins like Solana and XRP.
As a result, this situation is causing uncertainties in the crypto market. These developments necessitate investors to adopt a cautious approach and closely monitor market dynamics. Experts emphasize that while short-term fluctuations are expected during this process, maintaining a long-term perspective is crucial.