Makes You Nervous, This Influences The Disbursement Of BTC From Mt. Gox Against The Bitcoin Market

Mt Gox crypto exchange is starting to compensate user assets in BTC. (Photo; Doc. Decrypt)

JAKARTA - The impact of selling Bitcoin by crypto exchanges that went out of business due to hacking attacks, Mt. Gox, was not as big as previously thought. CryptoQuant's analytics company founder and CEO, Ki Young Ju, revealed this on July 17 through his X account which has 355,000 followers.

Ki Young Ju emphasized that fear, uncertainty, doublet (FUD) on the impact of Mt. Gox is actually excessive. He pointed out that Bitcoin's market capitalization growth has exceeded realized capitalization growth, indicating strong demand. "Since last year, more than 224 billion US dollars in Bitcoin have been sold, but prices have risen to 350%," he added.

Ki Young Ju also highlighted that although 3 billion US dollars from Mt's assets. Gox has been sold on Kraken, this number represents only 1% of the increase in capitalization realized during this bull cycle. The realized capitalization measures transaction value based on the current price of being moved, not the current value.

According to a CryptoQuant report, more than a third of Bitcoins to be paid to these bankrupt exchange creditors have been distributed, with distribution figures reaching 36% by 17 July. Trustee holds 141,686 BTC which will be distributed over time," he added.

On July 16, Mt. Gox moved 48,641 BTC worth about $3 billion from its cold wallet to wallets on the Kraken exchange, according to analytic platform Arkham. Kraken stated that they had successfully received creditors' funds (BTC and BCH) from Trustee Mt. Gox. We will work to distribute funds as quickly as possible, please anticipate 7-14 days for credited funds to your account," Kraken added.

According to Arkham Intelligence, the wallet associated with Mt. Gox still contains 90,344 BTC which is worth about 5.87 billion US dollars at current prices.

In related news, several Reddit users reported a brute-force attack on their Mt. Gox account or hacking attempt on their Kraken account. With a potential large number of BTCs logging into Mt user accounts. Gox, they are the main targets for scammers and hackers.

Despite dropping to $62,500 earlier this week, the price of BTC has remained and consolidated around the $65,000 level over the past two days. As happened after sales by the German government, the market is likely to absorb the impact. However, BTC needs to address resistance at $66,000 to confirm a reversal trend and gain further gains.