The entity in charge of the bankruptcy Mt. Gox transferred 48,600 bitcoins (equivalent to $3 billion) to a new address belonging to the exchange Kraken last week.
The Mt. Gox trustee has moved 0.021 BTC ($1400) to a new address belonging to the exchange Bitstamp. This test transaction suggests that part of the 90,000 BTC will also be distributed soon.
The entity in charge of the bankruptcy Mt. Gox transferred 48,600 bitcoins (equivalent to $3 billion) to a new address belonging to the exchange Kraken last week. Kraken and the exchanges Bitstamp, BitGo, Bitbank, and SBI VC Trade have been tasked with the final repayment of creditors.
Kraken recently assured that the distribution process will be completed within 7 to 14 days. The distribution should therefore be completed this week, alleviating fears that weighed on the market in June.
According to NYDIG, sales worth $1.5 billion are to be expected. Although this is a significant amount, it is small compared to the daily trading volume of bitcoin, which varies between $10 and $20 billion.
Moreover, the distribution of over $2 billion worth of bitcoin at the beginning of the year by Gemini did not cause bitcoin to drop. The impact of Mt. Gox distributions might be less than feared.
According to NYDIG, only 22,000 bitcoins will be sold out of the approximately 90,000 bitcoins still to be distributed.
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