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Mt. Gox’s Bitcoins on Move Once Again
In a surprising turn of events, the expected flood of Mt. Gox coins onto the market has failed to materialize. Contrary to expectations, many creditors have not rushed to offload their coins, as some had anticipated.
According to NYDIG’s analysis, the impact of Mt. Gox sellers was “minimal at best.” This development has been viewed by some in the cryptocurrency space as a bullish sign, given that a decade-old overhang has finally come to an end.
The Mt. Gox exchange went bankrupt in early 2014, with Bitcoin trading at less than $50 at the time. Fast forward to today, and the cryptocurrency is now valued at a staggering $94,826, according to CoinGecko data.
As a result of the prolonged repayment process, market participants will not have to worry about immediate selling pressure. The trustee for Mt. Gox has repeatedly postponed the final repayment deadline, initially setting it for Oct. 31, 2023, before pushing it back by an entire year to Oct. 31, 2025.
This means that investors can breathe a sigh of relief as the long-awaited Mt. Gox sell-off appears to be less imminent than previously thought.
Source: u.today
