Key Takeaways:
- Kraken will distribute Mt. Gox reimbursement funds to users within 7-14 days.
- 48,641 Bitcoin, valued at $3.1 billion, was transferred from a Mt. Gox trustee wallet, possibly linked to Kraken.
- Analysts are divided on the impact of these reimbursements on Bitcoin prices, with predictions ranging from significant drops to short-term effects.
Kraken has notified users that Mt. Gox reimbursement funds have been received and will be distributed within seven to 14 days.
Arkham Intelligence reported a transfer of 48,641 Bitcoin, valued at $3.1 billion, from a Mt. Gox trustee wallet, believed to be associated with Kraken.
UPDATE ON MT GOX MOVEMENTS
— Arkham (@ArkhamIntel) July 16, 2024
We believe that 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE is most likely associated with Kraken, one of the exchanges involved in repaying Mt. Gox creditors.
This address received 48,641 BTC ($3.10B) from Mt. Gox this morning, which remains unspent.
The… https://t.co/FfFQcI9Xvr pic.twitter.com/4T3tuC3CSM
Recently, Mt. Gox trustees have moved funds from cold to hot wallets, holding 138,985 BTC worth $8.93 billion.
The crypto community debates the impact of these reimbursements.
Some analysts predict significant Bitcoin price drops, while others see short-term effects.
Concerns arise as some creditors might sell their reimbursed funds, potentially realizing gains up to 8,500%.
However, institutional Bitcoin investment inflows, recently hitting $1.35 billion, could mitigate market volatility.
Market sentiment has shifted from “extreme fear” to “greed” following positive reactions to recent market events, suggesting some resilience against the potential selling pressure.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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