Kraken Frees Bitcoin from the Grip of Mt. Gox!

The crypto market is buzzing following the recent distribution of Bitcoin (BTC) by Mt. Gox, one of the largest cryptocurrency exchanges that went bankrupt in 2014. This massive distribution of BTC to Mt. Gox creditors could have detrimental effects on the price of Bitcoin. However, Kraken emerges as the hero putting an end to this suffering of Bitcoin.

Mt. Gox distribution is harmful to Bitcoin!

Mt. Gox, once the world’s largest Bitcoin exchange, fell victim to a hack in 2014, leading to the loss of 850,000 BTC. After years of legal proceedings, creditors are finally starting to receive their reimbursements. About 141,686 BTC, worth several billion dollars, are being distributed.

On July 23, 2024, a wallet linked to Mt. Gox transferred approximately 42,587 BTC, which immediately raised concerns among investors. When large quantities of BTC are released into the market, it can create significant selling pressure, leading to a drop in prices.

The end of the ordeal for BTC?

Following these movements, the price of Bitcoin dropped below $66,000, marking a notable decline. Analysts are worried and fear that this pressure might lead to a prolonged period of market volatility. However, a recent development might change everything!

Kraken has just completed the distribution of Bitcoin (BTC) and Bitcoin Cash (BCH) to Mt. Gox creditors! This marks an important step in resolving one of the biggest bankruptcies in cryptocurrency history and a relief for BTC. As data shows, the majority of creditors are not selling their BTC immediately, which could mitigate the anticipated negative impact on the price of Bitcoin. This news brings some relief to investors and the crypto market as a whole.

The distribution of BTC by Mt. Gox represented a major challenge for the crypto market. Investors now need to closely monitor the movements of these funds to anticipate potential fluctuations in the price of Bitcoin.