Bitcoin Price Drops Ahead of Potential $6 Billion Earthquake

The price of leading cryptocurrency Bitcoin (BTC) fell after testing the $65,000 level shortly after large outflows were detected from wallets linked to the defunct Mt. Gox cryptocurrency exchange, which is set to distribute more than $8 billion to creditors.

The cryptocurrency exchange, once the largest bitcoin trading platform, was hacked in 2011 and eventually declared bankruptcy in 2014. The latest deal has raised concerns about a possible sale by creditors waiting to receive a portion of the $8 billion in bitcoin held by Mt. Gox since its 2014 bankruptcy.

According to on-chain analytics firm Arkham Intelligence, roughly $5.8 billion in bitcoin has left Mt. Gox wallets to new addresses, possibly before the funds are redistributed to creditors.

As the Mt. Gox bankruptcy process nears its end, the court-appointed trustee has indicated that creditors can expect initial lump sum payments by the end of October. It is currently unclear whether these creditors will keep their tokens, or sell them on the market.

Despite concerns of a potential sell-off, Arthur Hayes, co-founder of popular crypto derivatives trading platform BitMEX, recently revealed a theory about the exchange rate between the US dollar and the Japanese yen, and how a weaker yen could send Bitcoin price soaring to the $1 million mark.

Hayes proposed a scenario in which the Fed would intervene by printing US dollars and replacing them with yen, in order to provide the Bank of Japan with the resources needed to stabilize the currency market while allowing China to continue its monetary expansion.

Such a strategy, he said, could devalue the US dollar, threatening its status as the world’s reserve currency, and boost Bitcoin. If the theory holds true, institutional investors will flock to Bitcoin exchange-traded funds as a hedge against the decline of traditional fiat currencies.

Featured image via Unsplash.

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