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Massive 200,000 Bitcoin (BTC) Dump Expected in 60 Days: Mt. Gox Update

Published 01/26/2024, 07:27 AM
Updated 01/26/2024, 07:30 AM
© Reuters.  Massive 200,000 Bitcoin (BTC) Dump Expected in 60 Days: Mt. Gox Update

U.Today - Colin Wu, a prominent figure in the crypto journalism space, has reported that Mt. Gox recently initiated an email verification process for users, seeking confirmation of ownership for exchange address accounts designated as payment addresses for Bitcoin (BTC) and Bitcoin Cash (BCH).

This move follows December 2023 reports from creditors who confirmed receiving compensation in Japanese yen through their PayPal (NASDAQ:PYPL) accounts, with the ongoing repayments scheduled to extend into 2024.

The central concern emerging from this development is the significant volume of Bitcoin that Mt. Gox is rumored to be releasing onto the market. While estimates vary, ranging from 142,000 BTC to 200,000 BTC, the lack of consensus among sources has prompted increased scrutiny within the crypto community. Market participants are particularly attentive as the countdown begins for a potential 200,000 BTC release within the next 60 days.

Complicating matters, Mt. Gox presently holds 143,000 BCH, intensifying speculation about the combined impact of the Bitcoin and Bitcoin Cash release on market dynamics. With an additional 69 billion yen reportedly under the exchange's control, the situation has garnered attention for its potential to influence broader market sentiment.

As the industry closely monitors this unfolding scenario, analysts and enthusiasts are awaiting further details and confirmation from Mt. Gox. The reserved anticipation within the community underscores the significance of this story, making it a focal point for careful observation in the weeks ahead.

This article was originally published on U.Today

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