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After receiving $370,000 BTC from Kraken, Mt. Gox emptied four wallets, leading to speculation that the exchange may soon initiate further repayments. With 44,899 BTC ($2.85 billion) still in reserve, the exchange hasn't finished repaying its customers.
According to information gathered by Arkham Intelligence, the now-defunct cryptocurrency exchange has moved some of its Bitcoin assets.
Mt. Gox Moves Bitcoin Holdings: Speculations of More Repayments
Once Mt. Gox received $370,000 BTC from Kraken, they immediately spent over four wallets on it. People are starting to wonder if the exchange plans to make more repayments soon because of this. Mt. Gox has not yet finished paying out its clients since the exchange still has 44,899 BTC ($2.85 billion) in its possession.
Customers of the cryptocurrency exchange started getting their Bitcoin back earlier this year via Kraken, Bitbank, BitGo, Bistamp, and SBI VC trading. Therefore, the fact that Mt. Gox was involved in the transfer to Kraken adds credence to the idea that the now-defunct cryptocurrency exchange may be seeking to return additional Bitcoin.
Will New BTC Transfers Affect Bitcoin’s Price?
Considered in light of the effect of the prior repayments on the BTC price, these recent transfers threaten the Bitcoin price increase. Just as the cryptocurrency exchange started paying out clients in early July, the price fell below $55,000.
Bitcoin was already under downward pressure when a flurry of sales among these consumers added to the problem. Be that as it may, the German government was complicit in the price collapse of that era. Over the course of three weeks, beginning in June, they liquidated all fifty thousand bitcoins.
Bitcoin Whales Selling Off BTC: Could it Impact the Market?
Though the flagship cryptocurrency is in a more positive environment now than it was in July, when the now-defunct Mt. Gox exchange started repaying users, the prospect of a refund by the exchange may certainly put selling pressure on the price of Bitcoin. Thus, it's possible the market will do better this time around.
Consider the case of Bitcoin whales, who, according to crypto researcher Ali Martinez, have sold more than 20,000 BTC ($1.28 billion) in the past 24 hours. But this hasn't really affected the price, particularly when the main cryptocurrency reached $64,000 at that time.
Macroeconomic Factors Supporting Bitcoin’s Current Bullish Outlook
Coingape claims that the macro side is one of several reasons behind the current bullish outlook for Bitcoin. Interest rates were lowered by 50 basis points (bps) last week by the US Federal Reserve. The People's Bank of China (PBoC) unveiled a stimulus program and rate cuts on Tuesday in an effort to boost the Chinese economy.
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