Markets
Bitcoin Price Impact and Market Reactions
After several transactions of more than 91k Bitcoins (BTC) were observed earlier today, leading cryptocurrency exchange Kraken informed some users that it had received funds on behalf of Mt. Gox creditors. The cryptocurrency exchange said it would distribute the funds to creditors as determined by the trustee, Mt. Gox.
“We have successfully received the creditor funds (BTC and BCH) from the Mt. Gox trustee. While we are working to distribute the funds as quickly as possible, please allow 7-15 days for the funds to be credited to your account,” Kraken’s email reads.
Impact of Mt.Gox Funds Distribution on Cryptocurrency Industry
The distribution of $9 billion worth of Bitcoin to Mt. Gox creditors will have a notable impact on the crypto industry in the coming weeks. On the one hand, the distribution of funds from Mt. Gox to trigger new FUD is similar to the Bitcoin sales by the German government.
In this case, The price of Bitcoin Bitcoin could continue its recent correction towards $50,000 before rebounding. Moreover, institutional investor demand for bitcoin remains unwavering.
On the other hand, the distribution of Mt. Gox funds could be seen as a positive move for the industry.
As the decade-old bankruptcy case draws to a close, fund refunds could increase the number of holders on-chain. Additionally, creditors could easily retain funds over the next few years and benefit from the continued widespread adoption of Web3 and digital assets.
Read also: Mt. Gox Transfers 96,000 Bitcoins Worth $6 Billion: Arkham Intelligence Insights