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Recently Mt. Gox transferred nearly $10 billion in bitcoins, causing panic among cryptocurrency enthusiasts. However, experts moderate: the funds remain in the wallets of the fallen stock market. And should those bitcoins be released, ever-hungry bitcoin ETFs stand ready to absorb them.
Mt. Gox: the dance of billions of bitcoins without free fall
In a crypto world where roller coasters are the norm, Mt. Gox recently added a new scary loop. On May 28, the crypto exchange went bankrupt transferred $9.6 billion worth of bitcoins from its “cold wallet,” a gesture that briefly rattled the markets. But before investors rush to the panic button, CryptoQuant onchain analysts put your mind at ease.
According to these blockchain transaction detectives, there is no reason to panic. Billions of bitcoins were not released into the crypto market, but simply transferred between various addresses controlled by the rehabilitation administrator of Mt. Gox. It is clear that the lenders have not yet seen the color of their repayments.
For those not following, Mt. Gox, once a giant of bitcoin exchanges collapsed in 2014, so thousands of users in a pinch. Since then, the reimbursement saga has dragged on, with the crypto community scrutinizing fund movements.
The first was $9.6 billion worth of bitcoins moved to a new unique address, then split into three separate addresses, each containing 47,300 BTC. But rest assured that these precious bitcoins remain under the control of the “Rehabilitation Trustee” of Mt. Gox.
In a press release published on the same day, the administrator confirmed that he did not no refund or no property sold. So despite the initial excitement, there is no collapse in sight for Bitcoin.
Just another eventful day in the tumultuous world of cryptocurrency.
Optimists bet on market resilience
Despite the concerns, some see the future of cryptocurrencies rosy. The market is said to be able to swallow waves of sales without blinking an eye. L’the mysterious Killianz88seasoned cryptocurrency trader trumpets X:
” Holders of these bitcoins purchased for less than $200 will sell at least 75% of their coins. »
However, he is quick to temper this prediction by pointing out that bitcoin ETF in search of 4000 coins every dayare ready to absorb these bitcoins from Mt. Gox once they get into circulation.
So, crypto enthusiasts can rest easy, the market is ready to spend these billions without indigestion.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.