updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Kraken, a prominent crypto exchange, is facing criticism due to rejection of Bitcoin (BTC) payouts to creditors involved in the Mt. Gox bankruptcy proceedings. These issues have arisen despite verification that have caused confusion among users. Moreover, this controversy highlights ongoing problems related to the verification and payout processes following the exchange insolvency.
According to several posts on Mt Gox insolvency subreddit from users affected by this issue, Kraken has repeatedly informed them that their account verification levels are insufficient to process the Bitcoin tranfers. One user reported receiving an email from Kraken, which indicated that their account was not verified at the intermediate or pro level, which is required to receive payouts.
Despite reaching out to Kraken for clarification, the user received the same notification months later. Moreover, the frustration is compounded by Kraken’s inconsistent responses. Affected users have shared that Kraken initially assured them that everything was in order, only for them to encounter the same problem again.
“Failure of confirmation by Kraken (again)” was a recurring theme in user complaints. In addition, a user posted, “I had received this email, saying my account level was not intermediate/pro, and I was not able to get my BTC transfer done.”
Adding to the confusion, the link provided by Kraken for verification details leads to a message indicating delays due to high volumes of verification requests from creditors. This has further aggravated the situation for those expecting timely resolution. A user highlighted the ongoing issue, stating:
“Even though I queried and responded to an email from the trustees in January, they still think I am unverified. Infuriating incompetence.”
Also Read: Breaking: Mt. Gox Readies Transfer of Remaining 80.5K Bitcoins, BTC Faces Pressure
Hence, the Mt. Gox Rehabilitation Trustee has outlined the necessary steps for creditors to ensure their accounts are eligible for payouts. These include revising account information, updating creditor names, and ensuring that the account level meets the required standards. However, many users report that despite taking these actions, Kraken continues to reject their payouts due to purported verification issues.
Kraken’s stance on the matter remains firm. The crypto exchange has reiterated that the verification issues lie with the account levels not meeting the required standards as outlined by their system. Thus, all necessary actions must be completed through Kraken’s platform, not the Mt. Gox claims system.
The exchange’s customer support has been reportedly unresponsive or slow in addressing these issues, according to user comments. This adds to the frustration of users who are eager to receive their funds. However, a user highlighted that the Trustee will reportedly check Kraken verifications by the August 30 deadline and everything should be in line then.
Also Read: WazirX Hack: CoinDCX CEO Deems Compensation Plan “Utter Nonsense”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The German government’s Bitcoin (BTC) liquidations has catalyzed a crash. Moreover, the impending repayment of Bitcoin (BTC) by Mt. Gox, referred to in Chinese as Mentougou, have sparked concerns of a further downtrend. With over 138,000 BTC still held in its accounts as of July 12, the implications of Mt. Gox’s actions could significantly impact market dynamics in the coming months.
According to Cycle Capital analysis, the manner in which Mt. Gox decides to liquidate these assets will dictate market reactions. It risks further downturn if the compensation sales are executed swiftly, akin to the German government’s recent $2.5 billion sale. Furthermore, a bigger Bitcoin crash would be in and the current market inflows aren’t enough to balance the situation.
This scenario reflects the current sentiment that existing ETF demand may not absorb the influx of Bitcoin supply efficiently, potentially leading to a market downturn. However, Bitcoin ETFs have registered five consecutive days of inflows with over $880 million influx. Nevertheless, Cycle Capital analysts believe that this influx isn’t enough to balance the liquidation that could ensue after Mt. Gox repayments.
Currently, with over 138,000 BTC in Mt. Gox reserves, repayments over a month could mean that every day more than 4,300 BTC could hit the market. When German government initiated their Bitcoin selloff spree, a few hundred BTC was dumped to exchanges. This quickly turned the market sentiment bearish.
Hence, with the market already experiencing FUD owing to the government’s liquidation, the Mt. Gox payout could make the situation worse. The collapsed exchange’s creditors are awaiting their BTC reserves since 10 long years, which could lead to panic selling due to desperation.
In contrast, if Mt. Gox prolongs its compensation process over 2-3 months, the daily Bitcoin offloading may be more manageable. This approach could prevent a Bitcoin crash but may also suppress short-term price surges. Thus, it could lead to a ‘boring’ market outlook in the near future.
Also Read: German Govt. Now Only Has 9,094 Bitcoins To Sell; Is the Bottom in?
Doctor Profit, a noted crypto analyst on X, highlighted the bullish impact of such large-scale repayments. He suggested that while $16 billion USD from FTX could inject bullish momentum into the market. Moreover, the timing and execution of these repayments will be crucial in determining their actual market influence.
“The most bullish news right now, overshadowed by a flood of fear and negativity, are the newly issued FTX bankruptcy documents,” remarked Doctor Profit. He added, “Compare this to the German government’s selling of $1.5 billion sale that is causing chaos right now. Markets expect an inflow of $16bn in USD, which hasn’t been fully priced in yet.”
The implications for Bitcoin price are significant. Analysts anticipate scenarios where market makers might strategically pump prices to coincide with the influx of $16 billion USD. This could potentially push BTC towards targets between $86,000 and $92,000 just ahead of creditor repayments.
Alternatively, a sustained bullish trend into Q3 and Q4 could see BTC prices ranging between $80,000 and $100,000, as optimism and FOMO (Fear of Missing Out) drive market sentiment upwards. “Regardless of the scenario, BTC price targets remain in the range of $80,000 – $100,000,” emphasized Dr. Profit. “This outlook applies equally to potential Mt. Gox repayments, given similar market dynamics at play.”
The FTX incident is just 2 years old, hence, the creditors are less prone to panic selling. Since Bitcoin price has tripled since the FTX crash, they are expected to hold their reserves. However, it’s the complete opposite with Mt. Gox creditors who might liquidate their holdings to realize profits.
Also Read: Bitcoin Selloff Intensifies As German Govt. Offloads 3450 BTC To Exchanges
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In recent hours, several Mt. Gox wallets were involved in transactions ahead of the pending repayments of $9 billion worth of Bitcoin (BTC) and Bitcoin Cash (BCH). These transactions were flagged by Arkham Intelligence, which identified activity in three wallets associated with the now-defunct exchange. The Mt. Gox “Doomsday” is approaching this month and could possibly lead to a heightened Bitcoin price crash as BTC extended to $57,000 today.
The largest of the latest transactions involved a mere $24 worth of Bitcoin. Historically, significant movements of Mt. Gox funds have involved consolidations into a few main wallets. In this case, a wallet that once held $24 of Bitcoin as an intermediary forwarded the small amount to another wallet. This wallet then sent the funds to Bitbank’s hot wallet, according to Arkham Intelligence data.
Moreover, the remainder of the Bitcoin was transferred to a new wallet. For context, Bitbank is among the crypto exchanges designated to facilitate Mt. Gox repayments. Rather than being sent directly to Bitcoin holders, the funds will be distributed to five exchanges. These include Bitstamp, Bitstamp, Bitbank, SBI VC Trade, and Bitgo.
Moreover, these exchanges have assured customers that the funds will be accessible within up to 90 days from receipt. However, the nature of these small transactions raises questions about whether they serve as tests for larger transfers. The trustee previously indicated that repayments would begin in early July. However, the exact dates for the fund repayments to exchanges remain undisclosed
The anticipation of these repayments has significantly impacted the cryptocurrency market. Over the past month, Bitcoin’s price has plunged by over $12,000. At press time, the Bitcoin price was $57,675, marking a 4.19% drop in the last 24 hours.
Further accelerating the market downturn, the German government has offloaded another 1,300 Bitcoin to major crypto exchanges, totaling nearly $76 million. This action led to Bitcoin’s price dipping below $58,000 shortly after the liquidation. Additionally, the government moved 1,700 Bitcoin worth $98.76 million to an unknown wallet, raising speculation about an imminent selloff.
Also Read: Breaking: German Govt Dumps Another 1300 Bitcoin To Coinbase, Kraken & Bitstamp
The impending Mt. Gox repayments, amounting to $9 billion, represent approximately 0.7% of the 19.7 million Bitcoin currently in circulation. This significant stake heightens fears of selloffs by creditors eager to realize their profits, given that Bitcoin was priced around $600 when Mt. Gox collapsed. Today, creditors stand to gain almost 100 times their initial investment.
James Butterfill, CoinShares’ Head of Research, expressed concern over the market impact of this substantial Bitcoin release. He remarked, “With the announcement that the Trust will begin selling in July, investors are understandably worried,” according to a CNBC report. Moreover, Butterfill underscored that this Bitcoin reserve release has long been a concern for bullish BTC investors.
Similarly, JPMorgan analysts have weighed in on the potential impact of Mt. Gox creditors liquidating their holdings. They predict that the selloff could exert short-term pressure on Bitcoin prices. In a recent research note, JPMorgan analysts stated, “Assuming most of the liquidations by Mt. Gox creditors take place in July, this creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards.”
Furthermore, the Bitcoin long liquidations hit $77.67 million amid German government’s offloading and anticipated Mt. Gox payments. This hints at an expedited Bitcoin crash. In addition, a point to note is that BTC was worth only $600 when Mt. Gox collapsed in 2014, leaving creditors with 100x profits. Hence, they could realize thes profits immediately after the payout, which could cause a massive BTC price correction.
Also Read: Crypto Market Crash: Why Bitcoin And Altcoins Are Falling
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As Mt. Gox prepares to distribute approximately $9 billion worth of Bitcoin to its creditors, analysts from JPMorgan and CoinShares anticipate significant implications for BTC. Mt. Gox was once the largest Bitcoin exchange before its collapse in 2014. Now, the collapsed exchange is set to return roughly 141,000 BTC to users who lost funds during its demise.
The impending payout by Mt. Gox amounts to about 0.7% of the total 19.7 million Bitcoin currently in circulation, which is a significant stake. Hence, Head of Research at CoinShares, James Butterfill, expressed concern over the potential market impact of this massive Bitcoin release. He highlighted that the release of this Bitcoin reserve has long been a worry for those bullish on BTC.
Moreover, it indicates a sensitivity in the market to news related to such events. Butterfill noted, “With the announcement that the Trust will begin selling in July, investors are understandably worried,” according to a report by CNBC.
John Glover, Chief Investment Officer (CIO) of Ledn, echoed these sentiments. He foresees a scenario where many creditors might opt to sell their Bitcoin to realize gains. Glover remarked, “Many will clearly cash out and enjoy the fact that having their assets stuck in the Mt. Gox bankruptcy was the best investment they ever made.”
In addition, his observation underscores the dramatic increase in the Bitcoin price since Mt. Gox’s closure. The BTC price has soared from around $600 per coin in 2014 to over $63,200 today. Earlier, Bitcoin even attained a high of $73,800 in March 2024, potentially due to the launch of Spot BTC ETFs in January.
Furthermore, JPMorgan analysts have also weighed in on the potential impact of Mt. Gox creditors liquidating their bitcoin holdings. They anticipate that the sell-off could put pressure on bitcoin prices in the short term. In a recent research note, JPMorgan analysts stated, “Assuming most of the liquidations by Mt. Gox creditors take place in July, this creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards.”
Also Read: Breaking: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?
The anticipation of these Bitcoin sales follows a similar pattern observed with Gemini, another crypto exchange. Earlier, last month, Gemini returned over $2 billion worth of Bitcoin to users in June. This event coincided with a significant recovery in the Bitcoin price after Gemini resumed withdrawals from its Earn lending program, which had been suspended months earlier.
Analysts at JPMorgan also drew parallels to this recent event. They noted that the return of funds from Gemini led to negative price movements as retail customers likely took Bitcoin profits. In addition, they suggested a similar scenario might unfold with Mt. Gox creditors.
JPMorgan analysts expected that some creditors would choose to sell their Bitcoin holdings to capitalize on the crypto’s impressive gains. Moreover, a concerning selloff trend has been noted for the German and U.S. governments. Today, the German government offloaded another 400 BTC to Coinbase, Kraken, and Bitstamp.
The latest dump pushes the German government’s total Bitcoin selloff to over 2,700 BTC since June. In addition, the U.S. government divested a staggering 4,000 BTC last month. These selloffs had a massive impact on the Bitcoin price due to FUD in the market.
Moreover, just the announcement of Mt. Gox repayments pushed the BTC price down to $59,000 in June. This suggests that with the actual payout, the Bitcoin price could be poised for a further downfall. Additionally, miner capitulation has increased due to a massive drop in hashprice, hinting at further selloffs.
Also Read: Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Mt. Gox, once a major player in the cryptocurrency exchange scene, faced a devastating hack in 2014, leading to its collapse. Now, nearly a decade later, the defunct exchange is preparing to distribute a significant sum of digital assets including approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH), amounting to over $9 billion in total, to creditors.
This impending payout has prompted concerns among market observers, with K33 Research highlighting the possibility of a negative impact on the price of Bitcoin in a report released on Tuesday.
According to the analysts, the influx of Mt. Gox coins into the market could create downward pressure on BTC valuation in the coming weeks.
K33 Research analysts have highlighted concerns that the influx of Mt. Gox’s digital assets into the market could exert downward pressure on Bitcoin’s price in the coming weeks. While creditors may not immediately liquidate their assets, the anticipation surrounding the payout could instil caution among investors, potentially dampening market sentiment.
Creditors recently received updates on their BTC and BCH claims, indicating that payments could commence sooner than initially anticipated. This development, coupled with the looming deadline set by Mt. Gox trustees for reimbursements, has intensified speculation within the crypto community.
Market observers remain divided on the potential impact of Mt. Gox’s payout on Bitcoin’s price. While some believe that creditors may opt to hold onto their funds, others fear that the sheer volume of digital assets entering the market could trigger a sell-off, leading to a temporary downturn in prices.
Despite the uncertainty surrounding Mt. Gox’s payout, the crypto market continues to show resilience in the face of external pressures. However, investors are advised to exercise caution and closely monitor developments related to the distribution process to mitigate any adverse effects on their portfolios especially according to the K33 Research analysts warning.
Bitcoin News: The world’s largest cryptocurrency, Bitcoin (BTC), is on a downward trend over the past 30 days due to uncertainty generated by the US SEC probes and the Silvergate crisis. However, the future emerging trends don’t ring good bells for Bitcoin. As per reports, the Mt Gox creditors are likely to get their payout in Bitcoin which might trigger a Sell off rally.
As per reports, a probable black swan event can be on the crypto market calendar as the Mt Gox creditors are set to receive around 138K Bitcoins. The creditors might receive an “early repayment” on March 10. The cumulative worth of the Bitcoins set to be unblocked is around $3 billion.
Mt. Gox suspended its withdrawals on February 7, 2014. At that time BTC was trading around $800. However, Bitcoin price on March 6, 2023, stood around an average price of $22,390. Its 24 hour trading volume is up by 8% to stand at $14.3 billion. However, Bitcoin is holding a market cap of around $432 billion. Read More Bitcoin News Here…
The biggest question here emerges, will creditors sell their yet to be received Bitcoins ahead? However, Mt Gox’s balance sheet also holds 143K Bitcoin Cash (BCH) of approx worth $19 million. It is important for the market to pay close attention to the probable selling pressure incoming.
Experts believe that the creditors are going to retain the received Bitcoin rather than sell it. It is important to keep in mind that BTC has already reached the $69K price level in November 2021.
However, another factor that should be considered is that the two of the largest creditors choose a payout option that won’t force a Bitcoin sell-off. As per reports, they picked up the lump sum payment option which would be paid out in September.
Major Events That Will Impact BTC Price This Week| Read Here
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Automotive corporation Stellantis targets global BEV sales of 5 million by 2030 following its commendable full-year results.
Stellantis recently posted its full-year 2022 earnings results, which showed a 26% rise in net profit to a record 16.8 billion euros, or $17.9 billion. The multinational automotive manufacturing corporation also experienced a 41% annual jump in electric vehicles and global battery sales.
Following its commendable full-year outing, Stellantis announced a massive 4.2 billion euros ($4.47 billion) dividend payout to shareholders. This payout scheme is still subject to shareholder approval and represents 1.34 euros per share. Furthermore, the company’s board approved a share buyback of 1.5 billion euros, executable by the end of 2023.
Stellantis’ shares increased by 1.6% during the early trading session in Europe.
According to the company, net revenue surged 18% to 179.6 billion euros due to a combination of favorable parameters. These factors include a favorable vehicle mix, strong net pricing, and positive FX translation effects. Stellantis chief executive Carlos Tavares also explained that the results reflected the company’s Europe electrification strategy effectiveness. This strategy saw the sale of 288,000 battery and electric vehicles (BEV) in 2022. In addition, Stellantis currently has 23 BEVs up for sale, which is expected to double by the end of 2024. The Amsterdam-based automotive manufacturer is targeting global BEV sales of 5 million by 2030.
Commenting on Stellantis’ progress and 2030 renewable energy automotive agenda, Tavares explained:
“We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024. My deep appreciation to each and every employee and our partners for their contributions to a more sustainable future.”
Formed by a merger of Italian-American conglomerate Fiat Chrysler Automobiles (FCA) and the French PSA Group, Stellantis is a leading automobile manufacturer. Considered one of the largest carmakers in the world, the company is behind several popular individual auto brands. These brands include Peugeot, Jeep, Dodge, Fiat, Chrysler, and Alfa Romeo.
Stellantis full-year 2022 figures also underscores the company’s position as the world’s fifth-largest automaker in global vehicle sales last year. The company ranked behind Toyota, Volkswagen, Hyundai, and General Motors.
Last September, Stellantis announced a partnership with Uber (NYSE: UBER) to make a play for France’s electric vehicle market. At the time, the announcement revealed that car rental service provider Free2Move would also be part of that deal.
Under the partnership, Free2Move would facilitate Uber’s agenda to convert 50% of its French vehicle fleet to electric vehicles. Furthermore, Stellantis’ overlapping EV scope also stood to benefit from that development. The company, which sought to produce and sell more electric and hybrid cars, also aimed to keep its profit margins high. Commenting on Stellantis’ capacity to attain all sales targets at the time, Tavares said:
“We are proud to be a legacy automaker. Being a legacy automaker shows our ability to design and produce safe products at scale.”
Nonetheless, Stellantis still faces substantial challenges in transforming its traditional combustion engines to zero-emission.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
One concern for Bitcoin investors has taken a back seat in recent weeks and months amid macroeconomic headwinds and crypto-intrinsic contagion effects: the release of recovered BTC from Mt Gox. Originally, users of what was once the largest Bitcoin exchange were supposed to file their claims by January 10, 2023. Shortly after that, payouts were to begin, according to an October statement.
However, the deadline has already been pushed back countless times. And as a document released today by rehabilitation trustee Nobuaki Kobayashi shows, Mt. Gox claimants will have to continue to be patient. The deadline for repayment method selection and registration is postponed from January 10, 2023, to March 10, 2023 (Japan time) to “take into account various circumstances, such as the progress of rehabilitation creditors in terms of selection and registration.”
The document goes on to say that after that date, Kobayashi will begin confirming registrations “in order to make the repayment as soon as possible after March 10, 2023.” Following this change, Kobayashi has also changed the base repayment deadline, early lump-sum repayment deadline, and intermediate repayment deadline from July 31, 2023, to September 30, 2023.
According to the rehabilitation plan, victims of the Mt. Gox hack will be reimbursed a total of 141,686 Bitcoin (BTC), the equivalent of about $2.37 billion. Because of that, concerns about a massive price drop have been circulating in the crypto space for some time. The question is whether the Mt. Gox Bitcoin situation will push the price into heavy losses once again.
However, looking at the facts, this does not seem very likely. There is a lot of false information circulating on Twitter. But the fact is that Bitcoin will not be dumped on the market all at once.
Not all of Mt. Gox’s customers are likely to sell their Bitcoins, although customers may enjoy enormously high returns by already holding them involuntarily. Moreover, Kobayashi will not release all Bitcoins at once, rather the whole process will take several months – from March to the end of September according to the current schedule.
And even if a large portion of BTC is dumped, it is very likely that the market can easily handle the additional liquidity. The impact is likely to be small, as the daily trading volume would still be enough to cushion the selling, even at the historic low of around $15 billion.
At press time, BTC was trading at $16,739 and struggling with support at $16,740. Ideally, the Bitcoin price needs to hold above $16,600 to avoid a slide below $16,000 and maintain upside momentum. If this is successful, a move to the upside towards $17,000 could be possible, where the next key resistance is waiting.
Featured image from Zipmex, Chart from TradingView.com
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