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Crypto bombs worth 4.3 million BTC

05 May, 2023
сryptobombs

The upcoming changes in the form of the de-dollarisation of the global economy and a potential default on US debt offer tempting prospects for Bitcoin, which stands as an alternative to the traditional financial system. But the cryptocurrency has its own constraints, which could be triggered this year.

205,500 BTC

The US government has accumulated 205,500 BTC worth $6 billion on its balance sheet following the uncovering of hacking attacks and the confiscation of stolen funds. For a long while, the US government held those funds. However, in March, it transferred 10,000 BTC to a Coinbase address to later be sold.

Image source: glassnode.com

As money into the government's coffers goes out faster than it comes in, the US could face a technical default as early as 1 June, according to Treasury Secretary Janet Yellen. The shortage of funds could prompt the government to sell off cryptocurrency reserves as early as this month.

137,900 BTC

The collapse of the Mt.Gox cryptocurrency exchange in 2014 significantly impacted crypto markets. Between 2011 and 2013, hackers managed to steal around 650,000 BTC. Another 140,000 BTC that had been considered lost were recovered, and the assets were transferred to cold wallets.

Image source: glassnode.com

Following bankruptcy proceedings and the receipt of claims from affected customers, the Mt.Gox trustee said payments would begin in 2023. Users will only be able to recover 0.23 BTC for each BTC lost, but the price difference more than compensates for the loss. At the date of the bankruptcy filing in 2014, BTC was trading at $500, which is now worth 58 times that amount.

Image source: StormGain cryptocurrency exchange

Once they have an impressive profit in hand, most users will likely rush to cash out. 137,900 BTC could potentially add $4 billion in pressure from sellers.

4 million BTC

Speaking of crypto bombs, one can't help but mention the 4 million BTC considered permanently lost. Last week, 1,100 BTC that had been inactive for more than 10 years were reported to have moved.

Image source: glassnode.com

So not all coins older than 10 years are considered hopelessly gone. The total amount of "lost" BTC is estimated to be worth $113 billion.


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