Mt Gox customers turn out to be Bitcoin Hodlers just as Iran and Fed push price down

Last Updated on 1 August 2024 by CryptoTips.eu

Apparently Mt Gox’s former customers prefer to keep their Bitcoins instead of converting them into fiat. This relieves pressure on the Bitcoin price benefits the market of course.

Last night, the speech of Federal Reserve Chairman Jerome Powell pushed the price of Bitcoin down again. Iran’s threats against Israel also did not help.

At the time of writing, Bitcoin sells for $64,700.

Magic the gathering

A once small website created for the online card game Magic the Gathering (which subsequently became Mt Gox) is central to the history of the crypto world.

The Mt Gox platform was founded in 2010, just a few years after the creation of Bitcoin itself, and at its peak traded around 70% of all Bitcoins worldwide.

However, the site was closed in 2014 after a hack. The stolen Bitcoins were recovered by the Japanese courts and are now, 10 years later, transferred to their rightful owners.

Many in the crypto market have anxiously awaiting these transfers in recent months and weeks. After all, some $9 billion worth of Bitcoins will be returned to their rightful owners, who are of course making a phenomenal profit on the digital coins they purchased ten years ago.

However, most of them appear to be crypto fans because according to a study by Glassnode, those former Mt Gox customers simply keep their Bitcoins instead of cashing them out for fiat.

They probably also think that Bitcoin will go even higher this year.


Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]