Mt. Gox Moves Over 14,000 BTC to Bitstamp, Signaling Bitcoin's Dark Days Could Be Over

Fallen Bitcoin exchange titan MtGox has once again transferred a significant amount of $BTC as part of its repayments to creditors

Bankrupt cryptocurrency exchange MtGox has once again transferred a large amount of Bitcoins as part of its ongoing repayment efforts to its creditors. The exchange transferred over 13,000 Bitcoins on Tuesday, which is one of the largest transfers yet since it began repaying creditors last month.

According to blockchain analytics firm Arkham Intelligence, the funds moved Tuesday went to a wallet associated with crypto exchange Bitstamp, which is among the exchanges that are supporting the rehabilitation process of MtGox creditors.

"The address 1PuQBjpPfAuANa3KM4HBdfF98BC7wnWhTb could be associated with crypto-exchange BitStamp, while address 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 is another Mt. Gox address that received change payment," AMLBot told International Business Times in a statement.

On Wednesday, the bankrupt exchange transferred over 1,200 Bitcoins to Bitstamp again. Following the latest move, MtGox said it has made Bitcoin and Bitcoin Cash repayments to more than 19,000 creditors. There are an estimated 24,000 customers worldwide who lost their funds when the exchange collapsed in 2014.

Even before MtGox started its repayments, there were fears in the crypto community about the activity's potential impact on Bitcoin prices. Many expected that repaid customers and creditors may dump their Bitcoins simultaneously, triggering a possible plunge in the digital currency's prices, especially as it still reels from the effects of the German government's massive selloffs.

On the other hand, there are hopes that as MtGox nears the end of its repayment activities, the world's largest digital asset by market value may finally begin a significant uptrend.

"MtGox FUD has been around for a very long time, with each transfer triggering some market reaction. As the time passes and the crypto market becomes more resilient, each MtGox-related transfer triggers less reaction," Slava Demchuk, the co-founder and CEO of AMLBot, told IBT on Thursday.

Demchuk isn't alone. Eugene Matsulevych, the CEO of trading platform Collective Forecast, said the latest MtGox transfers signal that "the worst times of Bitcoin, at least from that front, are behind us."

"The total number of victims from the MtGox hack is estimated to be around 24,000. So, it seems like the worst times for #Bitcoin, at least from that front, are behind us," Matsulevych tweeted.

"Who else needs to sell for a real bullrun to start in crypto?" he added.

"Bitcoin's darkest days could be history as MtGox closes its repayment chapter," Kyle Doops of popular crypto-focused YouTube channel Crypto Banter said, commenting on the development.

"MtGox has settled debts with over 19,000 of its 24,000 creditors, paying them in Bitcoin and Bitcoin Cash," Doops noted in a tweet.

"As this chapter closes, Bitcoin's darkest days could be history. The big question now: who's next to sell before the crypto market ignites a major bull run?" he added.

Interestingly, Bitcoin prices didn't fall even when news about MtGox's $700 million transfer spread across social media. In fact, the digital coin hit $61,000 at one point Tuesday after starting the day at around $58,000, data from CoinGecko shows.

Bitcoin's current price at $60,000 is still well below its all-time high above $73,000, but with the halving behind and some industry experts previously saying that huge dumps are over, the world's first decentralized cryptocurrency may have already started walking the path to recovery.

MtGox has an October deadline for completing its repayments.

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