Bitcoin (BTC) Hovers Below the $56,000 Mark as Mt. Gox Plans to Begin Settlements With Creditors in Early July 2024

Mt. Gox moved more than $2.7 billion in Bitcoin in just 2 hours. A total of 47,229 tokens are believed to be involved here.

Bitcoin ($BTC) price is seen to be pivoting around the $56,000 mark. This can be credited to Mt. Gox to some extent. The defunct crypto exchange platform had earlier announced its plans to start making settlements with creditors in early July 2024. It has been moving Bitcoin tokens to wallets, potentially to begin and conclude the process through the platforms.

Mt. Gox moved over $2.7 billion in Bitcoin in just 2 hours. A total of 47,229 tokens are said to be involved here, bringing the total liquidation in the last 24 hours to $200 million.

Mt. Gox was once a dominant Bitcoin exchange platform. It faced a hack attack in 2014, where several users lost a majority of their funds. Those tokens were acquired in 2013. Victims have been demanding that the platform return their funds, but the process has faced continuous delays. However, after 8-9 years, the creditors are finally set to receive their dues. These dues are now worth a lot more than they were back in 2013.

Thus, there is a question regarding what creditors will do with their funds post-settlement.

Many speculate that they will choose to quickly liquidate and book profits rather than holding them for a longer duration. It makes sense, considering they have waited a long time and will naturally want to make the most of what they are getting rather than re-entering the risky crypto game amidst uncertainty.

If a majority of the creditors decide to do this, then we can expect to see a lot of selling pressure. This will be compounded by the German Government’s activity in selling seized tokens in the market. Justin Sun, Founder of Tron, has offered to buy those tokens off-market to reduce the impact on their price, but there is no further update on whether the Government will accept this idea.

The German Government reportedly has 40,359 Bitcoin tokens in its possession. It last moved BTC to the tune of $175 million.

Bitcoin is facing some heat, and the impact is felt across the broader crypto market. The market cap has declined by 7.98% to $1.98 trillion. The FGI has awarded 38 points to global cryptos.

There are projections that showcase a bull run in the future. Bitcoin could jump as high as $76,844 in the next 30 days and $64,878 in the next 5 days. The monthly surge would be 41.41%, and the 5-day jump will be around 19.39% from the current value.

Ethereum slipping below $3,000 has garnered a lot of attention, especially with the approval of Spot Ether ETF on the cards. ETH has lost 9.21% of its value in the last 24 hours and 16.08% in the last 7 days.

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