Mt. Gox has around $9.2 billion worth of BTC to return to its former customers, and the deadline is October 31, 2024.
QCP Capital, a leading digital asset firm based in Singapore, has once again published an analysis regarding the future trajectory of the crypto market amid increased volatility in the space. According to a post on QCP Capital’s official channel on the encrypted messaging application Telegram, the price action of Bitcoin (BTC), the largest cryptocurrency by market capitalization, will be affected by the release of BTC tied to Mt. Gox, a defunct exchange based in Shibuya, Tokyo, Japan.
Notably, Mt. Gox collapsed in 2014 and was one of the earliest digital asset trading platforms. The affected users of the exchange have been waiting for years to receive their money, and as per a recent report by Bloomberg, the customers are one step closer to getting their BTC back.
Mt. Gox has around $9.2 billion worth of BTC to return to its former customers, and the deadline is October 31, 2024. The crypto community has been wondering about the potential impact that the staggering amount of Bitcoin hitting the market would have on BTC’s price. The uncertainty will be reflected in the price of the leading digital asset, suggested QCP while adding:
“Uncertainty about potential Mt. Gox BTC supply hitting the market by October could hinder BTC, potentially benefiting ETH upon the launch of the ETH spot ETF. The desk observes bullishness in ETH.”
Chills were sent down the Bitcoin community when Mt. Gox transferred at least $9.6 billion worth of Bitcoin to an unknown address after five years of inactivity, as per the data from Arkham Intelligence.
It is quite possible for former Mt. Gox customers to capitalize on the gains that they’ve made over the years on their Bitcoin investments. If a capitalization event begins, the price of Bitcoin is expected to fall.
Money Flows from Bitcoin to Meme Tokens
As QCP stated, Bitcoin has retested the $67,000 price level over four times in the past two weeks, “continuing its consolidation within the range”. Meanwhile, the trading activity has shifted to meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
In the past 30 days, DOGE is up 18.0%, SHIB is up 16.5%, and PEPE is up 105.8%. PEPE has outperformed the leading meme tokens and even surpassed some of the blue-chip tokens like Polygon (MATIC).
On the other hand, Trump-focused meme coins, including Trump (TRUMP), MAGA (TRUMP), and Super Trump (STRUMP), have also given significant profit to their holders following the vocal backing that former US president Donald Trump gave to the digital asset community. Telegram-related coins, including Notcoin (NOT) and Toncoin (TON), are up 121.5% and 24.8% in the past 30 days as well.
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