Markets
Bitcoin Price Impact and Market Reactions
After several transactions of over 91k Bitcoin (BTC) were observed earlier today, major cryptocurrency exchange Kraken informed some users that it had received funds on behalf of Mt. Gox creditors. The cryptocurrency exchange noted that it will distribute the funds to creditors as determined by the trustee, Mt. Gox.
“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox trustee. While we will work 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 Fund Distribution on Cryptocurrency Industry
The distribution of $9 billion in Bitcoin to Mt. Gox creditors will have a significant impact on the cryptocurrency industry in the coming weeks. On the one hand, the distribution of Mt. Gox funds to trigger new FUD is similar to that German Government Bitcoin Sales.
Then, The price of Bitcoin could continue with the recent correction towards $50k before rebounding. Furthermore, demand for Bitcoin from institutional investors remains unwavering.
On the other hand, the distribution of Mt.Gox funds could be perceived as a positive move for the industry.
With the conclusion of the 10-year bankruptcy case, fund repayments could increase the number of on-chain holders. Additionally, creditors could easily hold funds for years to come and benefit from the current mainstream adoption of web3 and digital assets.
Read also: Mt. Gox Transfers 96,000 Bitcoins Worth $6 Billion: Arkham Intelligence Insights