Mt.Gox: Even if Creditors are Reimbursed, Coins Will Likely be Sold

IconCryptoNewsTerminal Staff29 May, 2024

cryptonews.jpg

Mt.Gox: Even if Creditors are Reimbursed, Coins Will Likely be Sold

Mt.Gox, a formerly popular cryptocurrency exchange, has been in the news recently due to the external transfer of coins from its cold wallet. Onchain analyst Crypto Dan, who works as a CryptoNewsTerminal content creator (CC), has weighed in on the situation, stating that "even if the amount is repaid to the creditors, it is very likely that the entire amount will be sold." Crypto Dan explained that the coins in question have been held for approximately 7 to 10 years and are currently in a considerable profit range on the Spent Output Profit Ratio (SOPR) indicator. However, he also noted that the Mt.Gox issue has been ongoing for several years, and as a result, even if the creditors do sell their coins, it is likely to have only a short-term impact on the market.

Related News