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After several transactions of more than 91k Bitcoins (BTC) were observed earlier today, top-tier crypto exchange Kraken informed some users that it had received funds on behalf of the 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 anticipate 7-15 days for funds to be credited to your account,” the Kraken’s email reads. Impact of Mt.Gox Funds Distribution to the Crypto Industry  The distribution of $9 billion worth of Bitcoins to Mt.Gox creditors will notably impact the crypto industry in the coming weeks. On the one hand, the distribution of Mt.Gox funds to trigger fresh FUD is similar to the Bitcoin sales by the German government. In such a case, Bitcoin’s price could continue with the recent correction towards $50k before rebounding. Moreover, institutional investors’ demand for Bitcoin remains unwavering. On the other hand, the distribution of Mt.Gox funds could be perceived as a positive move for the industry. As the decade-old bankruptcy case concludes, the repayments of funds could increase the number of on-chain holders. Furthermore, creditors could easily hold funds through the coming years and benefit from the ongoing mainstream adoption of web3 and digital assets. Read Also: Mt. Gox Transfers 96k Bitcoin Worth $6B: Arkham Intelligence Insights Source: https://coinpedia.org/news/kraken-exchange-receives-9-billion-in-mt-gox-funds-bitcoin-price-impact-and-market-reactions/

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Filed under: News - @ July 16, 2024 1:16 pm