How Bitcoin Whales Could Profit from the Mt. Gox Bitcoin Dump
- Bitcoin led a crypto market drop amid Mt. Gox bankruptcy redemption reports.
- Whale Alert spotted multiple BTC transfers between unknown wallets.
- Traders will sell off more of BCH than BTC following Mt. Gox’s bankruptcy redemption.
Bitcoin’s price took a tumble yet again the previous day following reports that the defunct crypto exchange Mt. Gox is preparing to reimburse creditors, potentially flooding the market with a large amount of Bitcoin. The market downturn has also affected other cryptocurrencies, with some analysts predicting a disproportionate impact on Bitcoin Cash (BCH).
Notably, the crypto transactions tracker Whale Alert spotted several significant BTC transfers across unidentified wallets suspected to be connected to the Mt. Gox issue. Whale Alert reported separate transactions involving 9,445 BTC, 10,486 BTC, and 9,952 BTC between unknown wallets.
— Whale Alert (@whale_alert) July 4, 2024
A dormant address containing 119 #BTC (6,992,389 USD) has just been activated after 12.4 years (worth 599 USD in 2012)!https://t.co/yk2qe3UUQ0
Additionally, the crypto tracker spotted a unique transaction from a dormant wallet containing 119 Bitcoins …
The post How Bitcoin Whales Could Profit from the Mt. Gox Bitcoin Dump appeared first on Coin Edition.
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