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Bitcoin Price Decline Amid Sell-Off Fears from “Mt.Gox” Exchange: Bitcoin prices have fallen as traders monitor transfers
from wallets associated with the collapsed “Mt.Gox” exchange.
The exchange’s managers have intensified efforts to return $9 billion worth of the currency, representing the largest debt of digital assets.

Contents

Price Decline

Large Transfers

Background of “Mt.Gox” Exchange

Liquidation Process

Returning Bitcoin to Creditors

Bitcoin Price Recovery

Price Decline

The cryptocurrency fell by 2.7% and was trading at around $67,840 at 12:15 PM on Tuesday in Singapore.
The decline included smaller currencies, such as Ethereum, which ranked second.

Large Transfers

According to CryptoQuant and Arkham Intelligence data, approximately 42,829 bitcoins
worth about $2.9 billion were transferred from “Mt.Gox” wallets during early Asian trading on Tuesday.
The wallets still contained 95,061 bitcoins after the transfer.

Background of “Mt.Gox” Exchange

Mt.Gox, based in Tokyo, was once the largest Bitcoin exchange in the world. However, it was hacked in 2011 and went bankrupt in 2014.
Last year, US prosecutors accused two Russian nationals of conspiring with others to hack the exchange’s servers.

Liquidation Process

The “Mt.Gox” manager stated that creditors should receive their dues by October 31 as the liquidation process progresses.
One major issue is that those receiving the tokens might sell them, putting pressure on the price of Bitcoin.

Returning Bitcoin to Creditors

“Mt.Gox” began returning Bitcoin to creditors on Tuesday for the first time since May 2018.
According to CryptoQuant data, the collapsed platform previously held approximately 137,892 bitcoins.
Previous documents indicated that “Mt.Gox” also had Bitcoin Cash and fiat money.
Some fiat money has already been returned. The price of Bitcoin Cash fell by 5% on Tuesday.

Bitcoin Price Recovery

Bitcoin has recovered after a sharp decline in 2022, with its price quadrupling since the beginning of last year,
aided by the launch of exchange-traded funds investing in Bitcoin during spot trading in January.
The digital currency reached a record high of $73,798 in mid-March.

Bitcoin fluctuates on concerns about the impact of spot ETFs: Bitcoin continues to decline after it fell in the last 24 hours by 2.4% reaching $42,400, amid traders trying to understand and anticipate the reaction of the cryptocurrency market if the regulator’s decision matches expectations to approve the first American traded fund that invests directly in cryptocurrencies.

Topics

Bitcoin increase
Volatility in cryptocurrency trading
Cryptocurrencies

Bitcoin increase

Supported by ETFs supporting new demand, Bitcoin rose by 156%.
On the other hand, there are major concerns about whether regulatory approval of ETFs may increase the profits of cryptocurrencies.

Volatility in cryptocurrency trading

Nick Carter, a founding partner at Castle Island Management, said in an interview on Bloomberg TV
“that the markets are almost confident that the US Securities and Exchange Commission will approve the issuance of investment funds that invest directly in Bitcoin before January 10.
“Traded funds may increase the base Digital currency investors, but in addition to the possibility of a wave of selling appearing shortly,” Carter added

Cryptocurrencies

As for the rest of the cryptocurrencies, Avalanche and Solana were the biggest losers in the last 24 hours,
while Dogwifhat declined.
As for Binance Coin (BNB), it rose 10% to avoid selling.

The rise in Bitcoin was linked to expectations of a rate cut in the United States,
which led to compensation for the loss it suffered due to the major collapse it suffered in the year 2022,
which spread in the cryptocurrency sector, and the Bitcoin currency is still below the level it reached in the year 2021 when it achieved 69 thousand dollars.

Bitcoin fluctuates on concerns about the impact of spot ETFs