How Much BTC Does Mt Gox Have Left to Distribute After Massive Selling Pressure on Bitcoin? Here is the Answer
Only 25% of the initial amount of Bitcoin is left to be distributed to creditors by Mt. Gox.
According to the data, currently there are 32.9 thousand BTC ($2.11 billion) left from the peak amount of 141.69 thousand BTC ($10.12 billion).
Data from cryptocurrency tracking platform Arkham shows that Mt Gox last sold $900 million worth of Bitcoin approximately three days ago.
The Mt Gox cryptocurrency exchange, which was permanently closed after being hacked in 2014, was once the largest platform in the crypto world. Along with the BTC stolen from the company, Bitcoin Cash coins, a BTC fork formed in 2017, are also being distributed to users.
Mt. Gox creditor repayments have been a significant source of downward pressure on the price of BTC this summer. In addition, rumors of a potential sell-off began circulating after the U.S. government transferred 10,000 BTC to an unknown wallet address on Aug. 14. However, BTC appears to have put those rumors to rest as it has staged a major rally in the past 24 hours.
*This is not investment advice.