Mt. Gox Creditors Begin Withdrawing Owed Bitcoin And BCH Funds Via Kraken

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,296,874,581,009	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,296,874,581,009

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	15.76	0.02%	65,938.57	65,938.56	65,938.57

Price Change

Price Change %

Current Price

Bid Price

Offer

15.76

0.02%

65,938.57

65,938.56

65,938.57

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66,145.57	65,888.39	65,948.93	65,922.81	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66,145.57

65,888.39

65,948.93

65,922.81

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	01:27:02	0.007173	65,952.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

01:27:02

0.007173

65,952.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
8,827,823.77	133.73	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

8,827,823.77

133.73

Mt. Gox Creditors Begin Withdrawing Owed Bitcoin And BCH Funds Via Kraken

23/07/2024 10:30pm

NEWSBTC

After a decade-long wait, creditors of the now-defunct Mt. Gox Bitcoin exchange have finally begun receiving their owed Bitcoin (BTC) and Bitcoin cash (BCH) via the Kraken and Bitstamp crypto exchanges. However, this had a notable impact on the cryptocurrency market, contributing to a nearly 4% drop in the price of Bitcoin after users confirmed the deposits to their wallets from the exchanges. Mt. Gox Distributes Millions To Bitstamp And Kraken On an early Tuesday morning, wallet addresses linked to Mt. Gox initiated the transfer of $2.85 billion worth of BTC. According to on-chain data from blockchain analytics platform Arkham, Mt. Gox executed the movement of $2.85 billion in BTC to new wallets with the primary purpose of distributing 5,110 BTC, equivalent to $340.1 million, to four distinct Bitstamp addresses. Related Reading: Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETH’s Price Reaching $8,000 In Q4 Bitstamp is one of the five exchanges that collaborate with the Mt. Gox Trustee to facilitate the return of funds to the exchange’s creditors, including Kraken and Japanese exchanges Bitbank and SBI VC Trade. Notably, Mt. Gox still retains possession of 85,234 BTC, valued at approximately $5.70 billion. While some users within the Reddit community have confirmed the receipt of Bitcoin returned by Mt. Gox through Kraken, Bitstamp users have reported not yet receiving their allocations. Kraken had previously announced the successful reception of creditor funds from the Mt. Gox trustee amounting to over $3 billion or 48,641BTC, estimating a timeframe of 7-14 days for the complete deposit of funds into user accounts. Critical Support Zones For Bitcoin In the aftermath of the Mt. Gox payouts, market data analysis platform CryptoQuant has spotted the price correction that BTC has experienced over the past few hours, with the company noting that it has impacted the line of 1-3 month BTC holders. CryptoQuant emphasizes the importance of monitoring support levels, specifically highlighting the $63,600 area, representing the average purchase price of 3-6 month bitcoin holders. Crypto analyst Caleb Franzen, on the other hand, has observed Bitcoin returning to a familiar support zone, which has proven effective. Despite the temporary setback, Franzen contends that Bitcoin has displayed a pattern of higher highs and higher lows in the short term, indicating resilience amidst the current price volatility. Related Reading: Ethereum Price Stays Flat Despite Today’s ETF Debut: QCP Explains Why Further insights provided by analyst Ali Martinez point to a potential double-bottom pattern with bullish relative strength index (RSI) divergence on lower time frames for Bitcoin. If confirmed, Bitcoin could see a rebound to $67,600, contingent upon the critical support level at $66,000 holding firm. Delving into on-chain data, Martinez underscores a crucial support zone for Bitcoin between $63,440 and $65,470. Within this range, approximately 1.89 million addresses collectively purchased 1.23 million BTC, highlighting the significance of this zone as a key area to monitor in the coming days. Featured image from DALL-E, chart from TradingView.com

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