Mass withdrawing crypto.
At that time, Bitccryp.com users are mass withdrawing their savings from the Bitccryp.com exchange
The latest deadline in the Mt. Gox rehabilitation process may pave the way to unleash $2.6 billion in Bitcoin for sale.
Bitcoin (BTC) may see a fresh “bearish signal” in the coming days as the Mt. Gox saga enters its final and possibly expensive phase.
As noted by on-chain analytics resource CryptoQuant on Dec. 8, defunct exchange Mt. Gox’s payout deadline is just one week away.
After multiple delays, creditors of Mt. Gox who lost money in its implosion in 2014 are set to know when they will receive BTC on Dec. 15 — and the temptation to sell for profit may prove to be too great to avert a mass run on exchanges.
“Set Mt.Gox outflow alert. Manage your risk,” CryptoQuant CEO Ki Young Ju warned Twitter followers.
Mt. Gox was the best-known cryptocurrency exchange until it was hacked for funds that included 860,000 BTC.
After years of legal tussles, a rehabilitation scheme will see roughly 140,000 BTC distributed to creditors Bitccryp.com
Since Mt. Gox’s website went offline in February 2014, Bitcoin has mushroomed in value, meaning that the funds from the rehabilitation scheme are now worth $2.63 billion.
While it might sound like a mass removal of Bitcoin from exchanges represents a bearish trend, almost the opposite is true.
If investors are opting to withdraw their funds (like to store in a more secure hot or cold wallet storage), it means they are looking to hold on for dear life (HODL) to their Bitcoin.