Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: God Of Thunder on July 16, 2024, 12:55:10 PM
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MT. Gox moved their first BTC transfer two weeks ago, and the market has been going on the same trend since then. But it started to accumulate again in the last three days. While Bitcoin started to accumulate again, Mt. Gox decided to make another move, and they moved 140000 Bitcoin just an hour ago, which is reported by Arkham Intelligence. That 140000 is Worth $9 Billion US dollars, and it seems we are going to see some red candles again. Here is the news from CoinTelegraph
Mt. Gox shifts $9B in BTC, market braces for impact
Mt. Gox’s cold wallet transfers over 140,000 BTC in a significant move after two weeks of inactivity, causing market concerns.[1]
[1] https://cointelegraph.com/news/mt-gox-moves-3b-btc-unknown-wallet
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bitcoin price is not affected by moving bitcoin between wallets. If they were transferred to another wallet, they would not affect the market. According to Arkham data, $293.94 million was transferred to “Mt. Gox: Cold Wallet (1Jbez).”
The combined volume of Mt. Gox’s BTC transactions on July 16 amounted to almost 190,000 BTC, accounting for over $12 billion in value moved in just three hours.
The unknown address, ending in “BHDct9b,” received 42,587 BTC worth $2.69 billion, while the remaining 4641.24 BTC worth $293.94 million was transferred to “Mt. Gox: Cold Wallet (1Jbez)."
The “BHDct9b” address has not yet transferred the 42,587 BTC, but the resulting fear in the market has caused its value to fall as market sentiment toward BTC shifts.
transferred amount to an unknown wallet is 42,587 BTC, which is either cold storage for Mt. Gox or it has been sold and has not been announced yet.
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transferred amount to an unknown wallet is 42,587 BTC, which is either cold storage for Mt. Gox or it has been sold and has not been announced yet.
Unknown wallets might just be new wallets created by an exchange, if they create a cold storage out of nowhere with no prior traction nobody could identify them, so god knows who that really is but the bet are obvious on Kraken or Bitstamp as the terms are getting closer.
And here we go again, and once this is finished I can't wait to hear about the Bitfinex saga that will dominate the news.
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Let's not be too worried, because even if all these coins were to appear on the market at one point, they would only cause a temporary disturbance, as was the case with "German coins". Here we know that the payments will be made in stages, and that certainly not everyone will decide to sell right away.
I didn't check the addresses, but according to this site (https://goxxed.org/), the initial address that contained a little less than 140 000 BTC still "keeps" about 47 000 BTC. So far there is no bad effect on the price.
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I know it's explicitly specified that Mt. Gox customers will receive the dollar value of their bitcoins instead of the actual bitcoin balances themselves, but still, seeing Mt. Gox with literally 9 billion dollars (in bitcoin) being liquidated makes me a bit happy because that means they are getting ready to pay off all the creditors, after over 10 years of waiting.
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So far there is no bad effect on the price.
The price of Bitcoin won't be affected if they start the crediting process with a proper strategy. Let's say if they keep crediting 1000 to 2000 Bitcoin per day then that won't impact the value of Bitcoin by much %age but if they start crediting all Bitcoin at a time then surely that will add a huge burden on the market and Bitcoin's value will drop by significant %age.
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Unknown wallets might just be new wallets created by an exchange, if they create a cold storage out of nowhere with no prior traction nobody could identify them, so god knows who that really is but the bet are obvious on Kraken or Bitstamp as the terms are getting closer.
Yes it is Kraken, here is Kraken's email to creditors:
(https://www.talkimg.com/images/2024/07/16/4HMb5.jpeg)
https://twitter.com/Gravity5ucks/status/1813163891179889027/photo/1
https://cryptonews.com/news/breaking-kraken-receives-funds-from-mt-gox-trustee-plans-distribution-within-weeks.htm
As can be seen in the image, BTC-BCH has been received from Mt.Gox Trustee and will be distributed within 7 to 14 days according to Kraken’s message.
I expect that we will see red candles, but within a few days, and we will end the MT.Gox phobia and the rumors associated with it.
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So far there is no bad effect on the price.
The price of Bitcoin won't be affected if they start the crediting process with a proper strategy. Let's say if they keep crediting 1000 to 2000 Bitcoin per day then that won't impact the value of Bitcoin by much %age but if they start crediting all Bitcoin at a time then surely that will add a huge burden on the market and Bitcoin's value will drop by significant %age.
I am not bordered about all of this because at some point the only impact of this will be on a short-term basis and if anyone knows how such a Bitcoin sell-off works you will already know that it only takes time before the market recovers after any of such moves by creditors who liquidate bitcoin to pay customers in the dollar equivalent.
So for sure if those bitcoins are moved to exchange to pay off creditors, that means we should expect more bitcoin price dumps but it won't continue for long before all the total amount owed to creditors gets paid out totally.
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We just recovered from the impact of Germany selling their coins, and we recovered strongly as BTC is currently > $64,000, so even if Mt. Gox's reimbursements causes a dump in the price, it will only be temporary and nothing else, people will react in the short term, but soon after it will all normalize and the price will start rising again.
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I am not anymore bothered with this news and I feel that the faster they move the coins to their rightful owners the better it would be for Bitcoin market. Since the German thing has already ended, we have no choice but to just watch any possible impact for this MtGox saga. And in case the price will plummet significantly, I would be celebrating since I am not selling anyway and I can have the chance to add more to my BTC portfolio no matter how small it is. Hopefully, by August we can get past with the Mtgox effect and the market will start a real recovery towards the end of the year and we can have a bull run in the early part of 2025 (how I wish I got a genie in a bottle to fulfill this wish). Still, I am excited to see that as of the time am writing this BTC stood at $$65,648.46 after some days of shrinking...a very impressive rebound telling how resilient Bitcoin is in the face of the double onslaught.
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Let's not be too worried, because even if all these coins were to appear on the market at one point, they would only cause a temporary disturbance, as was the case with "German coins". Here we know that the payments will be made in stages, and that certainly not everyone will decide to sell right away.
I am not worried but a lot of people are worried about Bitcoin moves of Mt. Gox. It seems Kraken started to send emails to their customers about the funds they received from the trustee, and as they said, it can take two weeks to get credited. To be honest, the market looks good at this moment, but I worried it wouldn't stay long if people started to receive their funds.
I know not all the people will sell right away, but most of them will. If someone are still holding Bitcoin, they will be happy to get back their Bitcoin and continue to hold it as long as they can. But some people will sell it for sure and I guess it will have an impact on the market. But, I am happy to be proved wrong.
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Let's not be too worried, because even if all these coins were to appear on the market at one point, they would only cause a temporary disturbance, as was the case with "German coins". Here we know that the payments will be made in stages, and that certainly not everyone will decide to sell right away.
I am not worried but a lot of people are worried about Bitcoin moves of Mt. Gox. It seems Kraken started to send emails to their customers about the funds they received from the trustee, and as they said, it can take two weeks to get credited. To be honest, the market looks good at this moment, but I worried it wouldn't stay long if people started to receive their funds.
I know not all the people will sell right away, but most of them will. If someone are still holding Bitcoin, they will be happy to get back their Bitcoin and continue to hold it as long as they can. But some people will sell it for sure and I guess it will have an impact on the market. But, I am happy to be proved wrong.
At least it's already black and white, unlike when the German news, we really don't know until it was like 2-3 days of dumping and it really frightened a lot of investors, thus pulling the price to lowest low of $54,000. But now that is over, we have moved and even reaches $66,000 which is surprising since this news has surfaced. If there will be red candles again, so be it. But if Mt. Gox will have a process, then it might not affect the market as it should be because there are speculations that we might hit $40,000. A speculation that might not share by others. So let's see in the next two weeks, or at least at the end of the month.
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At least it's already black and white, unlike when the German news, we really don't know until it was like 2-3 days of dumping and it really frightened a lot of investors, thus pulling the price to lowest low of $54,000. But now that is over, we have moved and even reaches $66,000 which is surprising since this news has surfaced. If there will be red candles again, so be it. But if Mt. Gox will have a process, then it might not affect the market as it should be because there are speculations that we might hit $40,000. A speculation that might not share by others. So let's see in the next two weeks, or at least at the end of the month.
Let's move forward and see what happens. None of us can tell the future, and all we do is make predictions. I am not a big fan of social media influencers' predictions as most of the time they fooled me, and I don't want to be fooled anymore. I know that they do just predictions based on the available data, but sometimes minds change because of their influence.
I am holding all my cryptos for now. Even if Bitcoin revisit 40K in the next two or three months, I am very much ok with that because I barely have any debt. I am surprised that the news of Bitcoin moves did not affected the market and I am very much happy about it. But let's see what happens next.
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Even if Bitcoin revisit 40K in the next two or three months, I am very much ok with that because I barely have any debt. I am surprised that the news of Bitcoin moves did not affected the market and I am very much happy about it. But let's see what happens next.
$40K would be an incredible opportunity to accumulate, and some people already have cash to spend if that happens, assuming everything goes as usual. But the problem is that every time Bitcoin crashes, there are companies like exchanges with poor risk management that could default and make average people victims of the fallout.
So yeah I'm not afraid of the Bitcoin price but more of the falling of these services. It's funny that coins from hacked/bankrupt exchanges will trigger this very same scenario but on other exchanges. At least what we can do is store coins in non-custodial wallets.
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Unknown wallets might just be new wallets created by an exchange, if they create a cold storage out of nowhere with no prior traction nobody could identify them, so god knows who that really is but the bet are obvious on Kraken or Bitstamp as the terms are getting closer.
Yes it is Kraken, here is Kraken's email to creditors:
It was expected, but these newspapers like to make a big thing and a mystery out of every ordinary stuff, they just have to produce news like a factory on every single thing, now imagine Bitcoin would be like Monero and they couldn't stand all day trsacing coin movements, that would be the worse for them, just as they had no material when the fiat settlements were carried out via banks.
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The price of Bitcoin won't be affected if they start the crediting process with a proper strategy.
~snip~
Don't take my word for it, but I think I read that this part of the payment in BTC and BCH will last about 3 months, and @Stompix mentioned in one post that those who receive the coins will not be able to sell them instantly, but that there will be a certain period in to which those coins will be frozen, so to speak. I don't know how much truth there is in all that, but it seems like some kind of strategy.
@Stompix, I'm afraid that if Bitcoin had features like Monero, who knows what the situation would be like today, considering how much pressure there is on so-called private coins. It seems to me that there are some discussions and proposals that go in that direction (more privacy), but I think that people still wonder if it might be a double-edged sword.
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!Snip... I don't know how much truth there is in all that, but it seems like some kind of strategy.
If that's their strategy to prevent Bitcoin from losing its value then that sounds like a good one to me but who knows how the strategy is going to be implements on creditors accounts.
Let's say if they're going to give creditors Bitcoin and BCH in 3 months time then I'm pretty sure we won't see Bitcoin going down again.
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Don't take my word for it, but I think I read that this part of the payment in BTC and BCH will last about 3 months, and @Stompix mentioned in one post that those who receive the coins will not be able to sell them instantly, but that there will be a certain period in to which those coins will be frozen, so to speak. I don't know how much truth there is in all that, but it seems like some kind of strategy.
Oh Crap!
I also did not know anything about it. If this is the truth, then it's not good for Mt. Gox victims. But it's good news for the Bitcoin community. I have also heard that it would take three months. But I thought it would take three months to distribute because of the number of people and the amount they have to distribute. They will have to do it by exchange by exchange and recheck the data or something like that. But, I did not know that the amount will have some kind of locked period. But, I will look for further sources before I consider this news as truth.
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@Stompix, I'm afraid that if Bitcoin had features like Monero, who knows what the situation would be like today, considering how much pressure there is on so-called private coins. It seems to me that there are some discussions and proposals that go in that direction (more privacy), but I think that people still wonder if it might be a double-edged sword.
Well, while I would say I'm sure for about 99% adoption would have been worse, there is the 1% unknown, if Bitcoin had been like that from the start maybe everything else would have been completely different too, so we might have had a different coin that was completely anti-privacy with white labels and stuff much like CBDC taking the second spot instead of ETH or god knows what scenario.
We might have had more adoption or none at all, we don't have a good enough crystal ball for it.
Let's say if they're going to give creditors Bitcoin and BCH in 3 months time then I'm pretty sure we won't see Bitcoin going down again.
Bitcoin no but BCH is going to get down no matter what, 3 days or 3 years, that coin doesn't have the liquidity for this.
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Bitcoin no but BCH is going to get down no matter what, 3 days or 3 years, that coin doesn't have the liquidity for this.
BCH is a fail coin and I've never invested any money in it and even if it goes down I won't care much about it and surely its downward movement won't impact the market at all. I guess those who support Bitcoin often avoid BCH.
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Just for the record though, here is the official document
(https://www.talkimg.com/images/2024/07/19/46Fhz.png)
https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf
Most important conditions is number (iv) as the creditors will still have to wait. So it doesn't mean that it will be this July.
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That 140000 is Worth $9 Billion US dollars, and it seems we are going to see some red candles again. Here is the news from CoinTelegraph
Mt. Gox shifts $9B in BTC, market braces for impact
Mt. Gox’s cold wallet transfers over 140,000 BTC in a significant move after two weeks of inactivity, causing market concerns.[1]
We're ready. We're ready to buy if the time comes when many of them will sell.
However, it seems that it will take some time because as I'm reading some of the posts here, it seems that it will be locked or froze for some time hence, we might see a bit of a delay with regards to the price movement. Nevertheless, I'll be ready if the market goes down again.
I'm just curious. If the worst thing happens (all 140,000 BTC will be sold to the market), will that have a significant impact towards the price of Bitcoin. If yes, by how much or at least how much will be the decline. :D Just curious.
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Just for the record though, here is the official document
(https://www.talkimg.com/images/2024/07/19/46Fhz.png)
https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf
Most important conditions is number (iv) as the creditors will still have to wait. So it doesn't mean that it will be this July.
Some would say Japanese precision, others Japanese sloppiness, which is to blame for people waiting 10 years to get something that belongs to them. Nothing surprises me, but maybe it's better that way, let everything stretch out for at least another 3 months, so the impact on the price of BTC will be minimal in any case.
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Just for the record though, here is the official document
(https://www.talkimg.com/images/2024/07/19/46Fhz.png)
https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf
Most important conditions is number (iv) as the creditors will still have to wait. So it doesn't mean that it will be this July.
Some would say Japanese precision, others Japanese sloppiness, which is to blame for people waiting 10 years to get something that belongs to them. Nothing surprises me, but maybe it's better that way, let everything stretch out for at least another 3 months, so the impact on the price of BTC will be minimal in any case.
Japanese is not known for their sloppiness though, they are culture that embedded discipline. Yes, it's better this way, it's been dragging us for years and what is just let's say 3 months to way before finally they got the repayment.
And most probably the trustee knows that he don't need to dump it at just one let go because the damage could be huge for the market.
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Japanese is not known for their sloppiness though, they are culture that embedded discipline.
~snip~
In this particular case, they didn't show themselves in the best light, right? The whole thing is not so complicated that it took even 10 years to finally start to come to an end - you have certain funds that remained after the hacking and you have clients that need to be compensated, so it could be solved in one to two years at the most.
Let's hope that by the end of this year the Mt.Gox case will become a thing of the past.
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Japanese is not known for their sloppiness though, they are culture that embedded discipline. Yes, it's better this way, it's been dragging us for years and what is just let's say 3 months to way before finally they got the repayment.
And most probably the trustee knows that he don't need to dump it at just one let go because the damage could be huge for the market.
This is good market protection and I'm glad they did, The claimants have waited for ten long years so waiting for another 3 months in the distribution is acceptable for them, There will be no market interruption because of the distribution and because of this, we will hardly notice that the distribution is over.
So those pessimists who are not aware of this news and are waiting for the crash are actually waiting for nothing.
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MT. Gox moved their first BTC transfer two weeks ago, and the market has been going on the same trend since then. But it started to accumulate again in the last three days. While Bitcoin started to accumulate again, Mt. Gox decided to make another move, and they moved 140000 Bitcoin just an hour ago, which is reported by Arkham Intelligence. That 140000 is Worth $9 Billion US dollars, and it seems we are going to see some red candles again. Here is the news from CoinTelegraph
You are right, Mt Gox did plan one or 2 days ago to distribute all the funds within the deadline and people started to share the word that now BTC might crash. But I am amazed to see how it is still holding its price above $62k while many (including me) predicted when the MT Gox will fully distribute the funds, especially in BTC form, BTC will dump below $60k or maybe $55k.
I think the receivers are smart enough and they know that if they could wait more they can get more profit. Plus, the market is not reacting to this situation as the market reacted to Germany's selling. Maybe these receivers thinking they waited 9 to 10 years for payment they can wait another decade maybe.
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You are right, Mt Gox did plan one or 2 days ago to distribute all the funds within the deadline and people started to share the word that now BTC might crash. But I am amazed to see how it is still holding its price above $62k while many (including me) predicted when the MT Gox will fully distribute the funds, especially in BTC form, BTC will dump below $60k or maybe $55k.
Fortunately and surprisingly, nothing happened like this yet and the market seems stable for the last couple of days and it's moving sideways. I am glad that I did not have money in CEX to open a position, otherwise, I could have opened a short position when I heard the news that Mt. Gox moved the funds and they will start distribute as soon as possible.
But as you can see, the news did not affected the market and that fund shifts was just and internal transfer or possibly transfer to some exchanges which is going to distribute these funds soon. I am happy to be proved wrong and the market did not moved downtrends.
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Fortunately and surprisingly, nothing happened like this yet and the market seems stable for the last couple of days and it's moving sideways. I am glad that I did not have money in CEX to open a position, otherwise, I could have opened a short position when I heard the news that Mt. Gox moved the funds and they will start distribute as soon as possible.
I am glad too that you saved yourself from loss, but many people with the same psychology might be thinking of this plan and unlike you, they might have pulled this and must be at a loss too and eagerly waiting for another dump. Therefore I don't trade in long or shorts because its like very difficult to predict the behavior of nature.
Although it was so obvious that the market would dump due to this news and the distribution of BTC but it did not follow our plans. I guess that's fortunate for some and unfortunate for others.
But as you can see, the news did not affected the market and that fund shifts was just and internal transfer or possibly transfer to some exchanges which is going to distribute these funds soon. I am happy to be proved wrong and the market did not moved downtrends.
These funds are not only being moved but are being distributed as well but what I think is people receiving these funds are not selling there BTC that's why we are not seeing any big sell-off and despite the sell-off, if even it occurs I think currently the buyers are eager to buy more like Grayscal and other ETFs are buying. Many good adoption news are coming and to make another new ATH I think we need something big.
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You are right, Mt Gox did plan one or 2 days ago to distribute all the funds within the deadline and people started to share the word that now BTC might crash. But I am amazed to see how it is still holding its price above $62k while many (including me) predicted when the MT Gox will fully distribute the funds, especially in BTC form, BTC will dump below $60k or maybe $55k.
Fortunately and surprisingly, nothing happened like this yet and the market seems stable for the last couple of days and it's moving sideways. I am glad that I did not have money in CEX to open a position, otherwise, I could have opened a short position when I heard the news that Mt. Gox moved the funds and they will start distribute as soon as possible.
But as you can see, the news did not affected the market and that fund shifts was just and internal transfer or possibly transfer to some exchanges which is going to distribute these funds soon. I am happy to be proved wrong and the market did not moved downtrends.
Yeah, there was no significant move this July, unlike the German news wherein the price goes on it's lowest at $54,000. And on the contrary, we have a minor pump to $70,000 when Trump spoke on the Bitcoin conference and says that he will fire Gary Gesler. However, it was also short lived as we go back to $67,000.
Nevertheless, it's good to see that at the end of the month of July, we are still somewhat on the green candle, we are still +5.xx% for this month after going -6.xx% last June. So everything is on the move, even if we still have to get rid of the past trauma that of the Mt. Gox for the rest of the year.
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Yeah, there was no significant move this July, unlike the German news wherein the price goes on it's lowest at $54,000. And on the contrary, we have a minor pump to $70,000 when Trump spoke on the Bitcoin conference and says that he will fire Gary Gesler. However, it was also short lived as we go back to $67,000.
Nevertheless, it's good to see that at the end of the month of July, we are still somewhat on the green candle, we are still +5.xx% for this month after going -6.xx% last June. So everything is on the move, even if we still have to get rid of the past trauma that of the Mt. Gox for the rest of the year.
You mentioned all the significant moves that happened in July and still saying there was no significant move hehe. I think you were expecting some big significant moves. I think July was full of serious events I mean market was dumped due to huge selling by Germany, MT GOX started the distribution of funds, Trump got shot, the market recovered back to $70k, and then after the news of Silk Road selling dumping again.
I think we will find the upcoming months more exciting and the tension will be more then July. Because to my knowledge, Silk Road and FTX might start selling BTC as well. Although FTX is going to distribute funds of victims we should not call it selling because maybe half of the victims chose not to sell their holdings.