Mt. Gox Bitcoin Transfer: CryptoQuant Analyzes Potential Market Effects Of The $9.4B Movement

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,060,270,442	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,060,270,442

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.030	0.04%	72.93	72.99	73.01

Price Change

Price Change %

Current Price

Bid Price

Offer

0.030

0.04%

72.93

72.99

73.01

High Price	Low Price	Open Price	Prev. Close	52 Week Range
73.00	72.81	72.81	72.90	72.06 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

73.00

72.81

72.90

72.06 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:07:33	0.112000	72.93	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:07:33

0.112000

72.93

USD

Price x Volume	Volume	Base Symbol	Related Pairs
8,888.16	121.83	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

8,888.16

121.83

Mt. Gox Bitcoin Transfer: CryptoQuant Analyzes Potential Market Effects Of The $9.4B Movement

30/05/2024 3:30am

NEWSBTC

Mt. Gox, the defunct Bitcoin (BTC) exchange that suffered a major collapse in 2014 has recently initiated payout distribution to creditors waiting for it. The release of a substantial amount of BTC, equivalent to $9.4 billion, on May 27th has raised concerns about potential market liquidity and price stability. In response, the on-chain market intelligence platform CryptoQuant has provided an analysis of the potential impacts of this development. Potential Market Effects According to the firm’s analysis, 138,000 Bitcoin moved significantly from Mt. Gox in seven transactions, each worth 4,000 to 32,000 Bitcoin. Initially, these funds were transferred to a single address and distributed to three separate addresses, each holding 47,400 Bitcoin. It is important to note that these addresses remain under the control of Mt. Gox’s Rehabilitation Trustee, and no repayments to creditors have been made as of yet. The consolidation of these funds suggests that the Trustee is actively preparing for future repayments by the Rehabilitation Plan. Related Reading: ‘Solana Is For Baddies’: Rapper Iggy Azalea Joins The Controversial Celebrity Token Frenzy At present, transfers within the Trustee-controlled addresses have not impacted the market immediately. However, the firm notes that eventual repayment to creditors, targeted for completion by October 31, 2024, could influence Bitcoin’s market dynamics. For CryptoQuant, the market impact will depend on various factors, including the timing, size, and manner of the repayments. If and when the Trustee begins repaying creditors, it could introduce a substantial amount of Bitcoin into the market, influencing liquidity and price stability. The firm concluded by stating: There is no immediate selling pressure for Bitcoin from these movements as the transfers have occurred within the addresses of the same entity (Mt. Gox Rehabilitation Trustee) and are not still available to the open market. Bitcoin Price Gravitates Towards ‘Level 3’ At $91,000 As concerns grow over the potential downside impact on Bitcoin’s price due to Mt. Gox’s repayment plan, analyst Crypto Con offers insights into the current state of Bitcoin price bands. Bitcoin price bands refer to specific price ranges that analysts closely monitor to gauge potential market movements. These bands act as magnets, attracting the price to specific levels. In particular, as seen in the chart above, “Level 3” at $91,539 has emerged as a significant price target. Despite the ongoing consolidation at Level 2.5, the analyst believes the market is showing signs of gravitating towards Level 3. Additionally, Crypto Con notes that historical data suggests that the cycle top band, priced at $123,000, will likely be reached with precision during the final “Bitcoin parabola.” Related Reading: Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion At the time of writing, the largest cryptocurrency in the market was trading at $67,400, slowly losing ground after continued failed attempts to consolidate above the ley $70,000 level, which is seen as the last hurdle before a potential retest of its current all-time high of $73,700 reached on March 14. Featured image from Shutterstock, chart from TradingView.com

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