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The collapse of Mt. Gox in 2014 is a historic event in Bitcoin history. Ten years later, creditors are still waiting for repayment. Mt. Gox holds 90,000 Bitcoins, valued at about $6 billion. This situation raises the question of what impact liquidating these assets could have on the Bitcoin market.
A controversial legacy
The collapse of Mt. Gox in 2014 sent shock waves through the Bitcoin ecosystem. Once the largest Bitcoin exchange, the platform denied thousands of creditors immediate relief. Today, Mt. Gox still holds 90,000 BTC, sparking fear and speculation.
Arcam Intelligence recently revealed that 382 BTC, worth $25 million, was transferred to Bitstamp. The sale has reignited fears of a large-scale liquidation. Investors are worried that the release of these funds could cause the price of Bitcoin to fall significantly.
The Reddit debate shows the division in the community: 56% of surveyed creditors have no plans to sell their BTC, while 20% are considering selling, with the rest preferring a mixed approach. These data points to uncertainty hanging over the market.
Potential Market Impact
The key question is whether these BTC sales will impact Bitcoin's price. According to CryptoQuant founder Ki Young Ju, there was no significant spike in trading volume on Kraken after the funds were distributed to users, suggesting that the market is somewhat resilient in the face of this threat.
However, other analysts, such as Jacob King, are less optimistic, predicting that up to 99% of Mt. Gox's creditors will sell their BTC, putting downward pressure on the price.
This view contrasts with that of long-term holders who see Bitcoin as a valuable decentralized asset.
On-chain analyst RunnerXBT shares this optimistic view, arguing that only inexperienced traders will panic. This view suggests that the market will be able to absorb this selling pressure without too much damage.
Bitcoin Resilience
Bitcoin prices have remained stable despite concerns surrounding Mt. Gox. Recently, Bitcoin hit a record high of $68,000 and is currently trading around $65,000. This resilience is remarkable in the face of political uncertainty and concerns related to Mt. Gox.
Investors see this stability as a sign of market maturity — Bitcoin, while volatile, seems able to withstand shocks — and this newfound confidence could cushion the potential impact of the Mt. Gox selloff.
But the situation remains volatile: the Bitcoin market is known for sudden movements, and a possible liquidation of 90,000 BTC remains a looming threat. The crypto community is closely watching every move of Mt. Gox's creditors.
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The appeal of Bitcoin in 2017, the creation of important documents. Essays that activate the activity of Avance, the forefront of transactions and the center of virtual currencies. When someone redacts, he aspires to permanence in a high quality that reflects the secteur in Son ensemble.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
