Mt. Gox shifts $9B in BTC, market braces for impact

[God Of Thunder]

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

[Yamane_Keto]

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.

[Stompix]

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.

[Lucius]

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, 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.

[NotATether]

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.

[SamReomo]

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.

[yhiaali3]

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://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.

[Wiwo]

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.

[Z-tight]

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.

[TomPluz]

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. 
 

[God Of Thunder]

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.

[Kemarit]

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.

[God Of Thunder]

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.

[mu_enrico]

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.

[Stompix]

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.