Mt. Gox Moved Another $6B to Exchanges, and the Crypto Market Is Reeling

• Mt. Gox has moved $6B Bitcoin (91,755.68 $BTC) to two wallets in the last 24 hours.
• Although Bitcoin has decreased by 0.91% in the last four hours, it's currently indicating strong bullish potential.
• CryptoQuant's CEO says the Mt. Gox FUD is overestimated, and Bitcoin won't be impacted as much as people estimate.

Mt. Gox has transferred 91,755.68 $BTC ($6B) to two wallets (presumably exchanges) in the last 24 hours.

According to an official Mt. Gox payment tracker, thecreditors haven't received payments on Kraken or BitGo yet. However, all indicators seem to suggest it's only a matter of time before they do.

Bitcoin has dropped by 0.91% in the last four hours, with Ethereum following a similar pattern. This shows the crypto market's acute sensitivity to the Mt. Gox situation.

With the US national debt allegedly rising by $1T every 100 days and Larry Fink embracing Bitcoin as a legitimate financial instrument,' where are Bitcoin and the crypto market headed?

Let's unpack this news and see whether we should celebrate or worry.

Mt. Gox Creditors Aren't Selling Their Bitcoins and Crypto Thrives

After Mt. Gox announced its $BTC repayments at the end of June, crypto predictions became near-apocalyptic, with Eric Balchunas, a senior ETF analyst at Bloomberg, saying that's like over half of all the ETF inflows being negated in one shot.'

While the crypto market did sink temporarily, the past few days have been kind to Bitcoin. The crypto is up by 10.77% in the last week, especially after Donald Trump's failed assassination attempt.

More importantly, we still haven't heard about large Bitcoin sell-offs from Mt. Gox creditors.

Bitcoin is currently above $65K, with a market cap of $1.28T (+3.56%) and a $39.18B trading volume in the last 24 hours (+2.81%).

The meme coin market is also benefiting from the current context, with significant weekly gains:

• $PAJAMAS (+122.21%)
• $MICHI (+98.82%)
• $TOSHI (+62.96%)
• $ANDY (+61.55%)
• $CARLO (+55.38%)
• $POPCAT (+54.96%)

Despite the recent hourly slump (with losses between 1% and 8%), the crypto market is mostly green, with CoinMarketCap's Fear & Greed Index almost in the greed' area.

Mt. Gox FUD is overestimated,' Says CryptoQuant CEO

Ki Young Ju, CEO of CryptoQuant, continues his crypto bullish stance on X, saying that the Mt. Gox repayments won't significantly impact Bitcoin, even with Germany's large Bitcoin sell-off.

Even if MtGox's $3B is sold on Kraken, it's just 1% of the realized cap increase in this bull cycle - manageable liquidity.Ki Joung Ju, CryptoQuant CEO

He also hinted that the previous Bitcoin crashes were opportunities in disguise. During the market-wide panic sell-offs, some investors played it smart and bought the Bitcoin dips, which paid off considering Bitcoin's current price.

He further says that speculative FUD is Bitcoin's only weakness. This seems to be true, as the king of crypto has always recouped its losses, even after severe market crashes (like the FTX fiasco).

Conclusion - Another Bitcoin Crash or Just a Market Fizzle?

We haven't seen any significant indication of a crash. Quite the opposite - Bitcoin has increased by 3.74% in the last dayand 0.28% in the last hour.

While the 24-hour crypto market volume is down 1.06%, the market cap has increased by 3.58% in the last day, showing strong bullish potential.

References

Click to expand and view references

• MtGox Wallet Status (Goxxed)
• BlackRock CEO Issues Massive' Warning After Crypto Flip That Powered A Bitcoin, Ethereum And XRP Price Boom (Forbes)
• The First YouTube Cat Performance (CoinMarketCap)
• Michi Performance (CoinMarketCap)
• Toshi Performance (CoinMarketCap)
• Andy Performance (CoinMarketCap)
• Carlo Performance (CoinMarketCap)
• Popcat Performance (CoinMarketCap)

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