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Zain Raza
Apr 1, 2020
by Zain Raza

Whale Alert Creates a Scare Over $900 Million Mt.Gox Dump

Mt.Gox
Just recently, the trustee of Mt.Gox, Nobuaki Kobayashi was granted an extension to submit a fresh proposal by a Tokyo count as the previous one didn't please the investors. July 1, 2020, has been decided as the new deadline. The earlier date was of April 2020 but now he has been granted another opportunity with an extended deadline.

Cryotground reports that the current amount of bitcoin (BTC) and Bitcoin (BCH) is 137,891 each. Taking the current rates into consideration which is $6,500 for bitcoin and $215 for bitcoin cash, the amount in total would be $925 million. Interestingly, a report from March 2019 showed that the number of bitcoin and bitcoin cash is way more than this, around $137,891 each.

A suspect dump of $3 billion in 2019 turned the mood of the market bearish. Kobayashi allegedly sold around $400 million in 2018 which created further FUD around price.

Previous night whale alert posted a tweet about 800 BTC transactions mentioned Mt.Gox in the address. It was linked to the mining pool F2Pool rather than the defunct exchange.

The sell-off appears to have been postponed, however, the air of uncertainty around the settlement looms large. A few reports even suggest that the sell-off even before the corona panic pointed towards Mt.Gox.

Mt.Gox Dump Likely After Bitcoin Halving

Given the fact that post bitcoin halving, bitcoin's price experience hike and stays bullish, it is expected that the Mt.Gox's dump would occur after it. The creditors are putting Mt.Gox under the cosh, so this could lead the market into a bearish spell once more. According to a report, the creditors are in no mood at all for a fiat reimbursement and are looking for a bitcoin payment only, which might lead to a pandemonium throughout the market, and add to the fears of the community.

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    Whale Alert Creates a Scare Over $900 Million Mt.Gox Dump
    Zain Raza
    Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

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