Mt Gox, the first crypto exchange to gain mainstream traction, has long gone down in the annuls of crypto infamy.
Launched in 2010 – scarcely a year after Satoshi Nakamoto introduced the world to Bitcoin, within four years it was handling over 70% of Bitcoin transactions worldwide. And then, in February 2014, it was gone. Operations were abruptly ceased, bankruptcy protection was filed for and, most importantly, 650,000 bitcoins were missing.
However, recent developments in the court process have thrown a spanner in the works, revealing 137,000 bitcoins will be recovered.
The question then becomes – with this treasure chest of bitcoins worth around $3.3 billion at current prices, what effect does this have on the market?
Mt Gox holders’ actions (will) reflect the overall industry sentiment and be particularly indicative of where the OGs stand when it comes to Bitcoin’s price potential
Kiril Nikolov, DeFi Strategy at Nexo
I got thoughts from Kiril Nikolov, DeFi Strategy at Nexo, the crypto lending platform, on how this would affect the market.
Of course, given the recent unloading from Celsius of a boatload of wBTC themselves, I asked some questions there too – as well as how the whole Celsius debacle affects Nexo and the industry at large.
The Bitcoin influx resulting from the Mt Gox release will undoubtedly have an immediate impact on the market. How big it is would depend solely on the decisions of Mt Gox claimholders; in other words — would they sell, borrow against it to benefit from future rises, or hodl
Nikolov
Invezz (IZ): Do you believe that the market has already baked in the perception that Mt Gox sellers will offload some
