According to PANews, a significant Bitcoin transaction was detected on May 28th. Whale Alert, a blockchain monitoring service, reported that 3,999 Bitcoins, equivalent to approximately 277,654,876 US dollars, were transferred from the infamous MtGox exchange to an unidentified wallet. The transaction occurred at 9:41 Beijing time.

The destination of the transferred Bitcoins remains unknown. The MtGox exchange, once the world's largest Bitcoin exchange, has been involved in several controversies and legal issues in the past, including a major hack in 2014 that led to its bankruptcy. This recent large-scale transfer of Bitcoins from MtGox has raised questions and speculation within the cryptocurrency community.

However, the details surrounding this transaction, including the identity of the recipient and the purpose of the transfer, are currently unknown. This story is developing and further updates will be provided as more information becomes available.

UBS, one of the world's largest investment banks, has published a report stating that the upcoming repayments to creditors of Mt. Gox are unlikely to destabilize Bitcoin. The report suggests that early adopters of Bitcoin, who are likely to be among the creditors, will choose to be paid in Bitcoin and hold onto it, rather than selling it immediately.

The rehabilitation plan for Mt. Gox creditors offers several options for repayment, including a choice between an early lump sum or waiting for more asset recoveries. The report notes that the option of receiving fiat repayments would require the exchange to sell BTC to raise cash, potentially putting pressure on Bitcoin's price.

Although 850,000 BTC were lost in the Mt. Gox hack of 2014, the exchange has since recovered 142,000 BTC, along with 143,000 in Bitcoin Cash and 69 billion Japanese yen ($510 million), representing about 20% of the original loss. While the potential for repayments to influence the price of Bitcoin exists, UBS believes that much less Bitcoin will come to market than some have feared, due to the strong conviction of early adopters in the cryptocurrency.

Recent reports suggest that two of the largest creditors, with a combined share of claims of 20%, have opted for the crypto payout, further reducing the potential impact on Bitcoin's price. UBS concludes that while some new supply could still come to market, it is likely to be less concentrated, and this news could be an additional factor in Bitcoin's recent resilience.

Overall, UBS's report suggests that the repayments from the Mt. Gox bankruptcy are unlikely to have a significant impact on Bitcoin's price or stability, as early adopters are likely to hold onto their Bitcoin and remain committed to the crypto currency.

Disclaimer: The information provided in this article is for educational and informational purposes only and should not be considered financial or investment advice. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency or organization. It is recommended that readers conduct their own research and analysis before making any investment decisions.

Hashtag:

#BTC ( Bitcoin )

#MTGOX #bankruptcy #crypto2023 #dyor

Mt. Gox moved 47,000 BTC to an unknown wallet, causing Bitcoin to drop below $55,000 for the first time since February. This significant transfer has sparked concerns that Bitcoin could decline further, with experts predicting a potential fall to $50,000 as bearish momentum strengthens. Increased inflows to exchanges are also suggesting potential selling pressure.
Despite this decline, 75% of Bitcoin holders remain in profit. Additionally, the derivatives market is showing heightened activity and interest, indicating continued engagement from traders.

Bitcoin Plunges Below $55K After Mt. Gox Transfers 47,000 BTC
Mt. Gox has moved over 47,000 BTC from its cold wallet to an unknown wallet, causing Bitcoin to plunge significantly. For the first time since February, Bitcoin has dipped below $55,000. This dramatic drop led to over $110 million in liquidations within just an hour.

Source: Arkham Intelligence
The transaction by Mt. Gox, valued at approximately $2.71 billion based on current prices, is the first major Bitcoin movement by the defunct exchange since May. On June 24, Mt. Gox trustee Nobuaki Kobayashi announced that all necessary steps had been completed to begin issuing repayments to creditors starting in July. This announcement comes after a long wait, with creditors having anticipated compensation since the exchange’s collapse in 2014.

Experts at 10x Research have indicated that Bitcoin’s sharp decline might be just the beginning, with predictions suggesting it could drop further to $50,000. Markus Thielen of 10x Research noted, “Our data from early June already hinted at an overbought market ripe for correction.
Bitcoin’s Bearish Trend Grows as Selling Pressure Rises
Current market movements indicate that Bitcoin’s bearish momentum is just beginning, with potential for further declines. On-chain data reveals that bears have firmly taken control. Despite this, 75% of Bitcoin holders remain in profit, 7% are breaking even, and 17% are at a loss, showing that most investors are still in the green despite the recent drop.

Source: IntoTheBlock
Over the past week, inflows to exchanges have totaled $6.79 billion, while outflows have reached $5.94 billion. The higher inflows suggest that more BTC is being moved to exchanges, likely in preparation for selling. Additionally, the derivatives market has seen a 46.20% increase in volume, indicating heightened activity and interest. However, a 6.66% decrease in open interest suggests some positions are being closed, which could be a sign of profit-taking or loss-cutting.

Source: IntoTheBlock
Support levels to monitor include $53,000 and $50,000. If Bitcoin falls below these levels, the next major support could be around $48,000. Resistance levels are near $56,000 and $58,000, with a break above these levels potentially triggering a reversal or stabilization.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#MtGox #MTGOX #JustinSun #StandardChartered #Germany $BTC $ETH