- Mt. Gox’ BTC repayment fund is off to a great start with 36% already returned.
- Despite expectations for another round of FUD, the crypto market is holding strong.
- The price of Bitcoin (BTC) is up and continues to climb higher along with many altcoins.
Bitcoin (BTC) price continues to soar despite the fact that Mt. Gox has returned 36% of its Bitcoin (BTC) funds back to creditors. This is a strong sign proving that we are in the thick of the bull run phase of this ongoing crypto cycle.
In particular, it looks like the FUD phases are behind us during the remainder of this crypto bull cycle. To highlight, analytics revealed that Mt. Gox still had over 44,000 BTC worth over $2.5 billion to return to its previous users.
This venture is Mt. Gox best ability to repay what was lost from their users when it crashed years ago. While the repayments do not meet the full funds lost by its users, it is still a big amount of BTC when put together.
Many expected these repayments to be sold off immediately by the creditors who would likely make the best of their losses from prior years. This was a fair expectation as when the German government sold its BTC Mt. Gox creditors did the same as well.
Presently, the German government has finished selling its Bitcoin (BTC) reserves which led to the recovery of the crypto market. Perhaps this is why it looks like the crypto market’s bullish sentiment has seeped into these creditors as the price of Bitcoin (BTC) not only continues to hold, but rise as well.
36% of the Mt. Gox Bitcoin has been distributed to creditors
— CryptoQuant.com (@cryptoquant_com) July 17, 2024
“The trustee holds 141,686 $BTC, which will be distributed over time. With yesterday's transaction, 36% of the Bitcoin has been moved to their former users.” – By @JA_Maartun
Linkhttps://t.co/SwU1ufNoQr pic.twitter.com/LMUBPrZBPN
According to CryptoQuant analytics, Mt. Gox has distributed 36% of its Bitcoin (BTC) reserved for repayments. According to the above source, the trustee holds 141,686 BTC which will be distributed over time.
As many creditors await for their share of BTC to return, 36% have already received their ends and it looks like these former Mt. Gox users are holding on tight to their returned BTC assets. Lastly, it seems fair to say that bullish sentiment has taken over and major upward movement is expected from Bitcoin and the rest of the crypto market.
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