JUST IN: Movements Spotted From $2.2 Billion Mt. Gox Wallet
Failed cryptocurrency exchange Mt. Gox is on its last stage of reimbursing clients with Bitcoin (BTC).
According to data from Arkham Intelligence, a wallet that received $2.19 billion in Bitcoin from Mt. Gox has just initiated test transactions.
This wallet “bc1q26” is likely Bitgo, the 5th and final exchange working with Mt. Gox Trustee to distribute funds to creditors.
So the main question now is when will they start distributing and could this have a negative impact on BTC’s price?
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Bitcoin ETFs Poised to Overtake Satoshi Nakamoto as Top Holder by 2025During the initial Bitcoin distribution through the top crypto exchange Kraken we witnessed a significant price drop that affected not only BTC, but the whole crypto market aswell.
At the time of writing, Bitcoin is trading at $59,180 after a 1% drop in the past 24 hours and has $33 billion in trading volume. Despite this slight drop, BTC is up almost 8% on the weekly chart.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.
The central bank sets a major tone on stablecoins for the first time—where will the market go next?
The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.
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