Kraken completes Bitcoin- Distribution of Mt. Gox Bitcoin completed by Kraken; creditors hold onto BTC, abstaining from sales
Kraken completes Bitcoin- Kraken has now completed distributing all funds owed to Mt. Gox creditors, including Bitcoin (BTC) and Bitcoin Cash (BCH), according to Dave Ripey, Kraken’s CEO. The anticipated flood of Bitcoin sales, however, has failed to materialize.
In a July 24 announcement on X, Ripey stated, Krakenfx has successfully returned #Bitcoin and Bitcoin Cash from the Mt. Gox estate to creditors. It’s been nearly a decade since Kraken was chosen to oversee the investigation and restitution of client funds. The influx of repayments sparked concerns among crypto investors, who feared that a significant number of the collapsed exchange’s creditors would offload their Bitcoin, potentially causing a sharp price drop.
Over $9.4 billion in Bitcoin is owed to roughly 127,000 Mt. Gox creditors who have waited over a decade to recover their assets.
Bitcoin Price Surge Since Mt. Gox Collapse Spurs Selling Concerns, but Kraken Data Shows Cautious Optimism
Over the past decade since the collapse of the Japanese crypto exchange, the value of Bitcoin has surged by more than 8,500%. This substantial increase in value is the main incentive for most creditors to consider selling their holdings.
Despite this, Kraken’s trading volume indicates that creditors are not currently selling, as noted by Ki Young Ju, founder and CEO of CryptoQuant. Ju described this as a positive sign so far, although he cautioned that there could be additional selling pressure emerging from Asia.
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