Exclusive Mt. Gox Credit Repayments in Bitcoin and Bitcoin Cash Announced in July
More than a decade later, Mt. Gox creditors will start receiving repayments in Bitcoin and Bitcoin Cash beginning in early July. The Mt. Gox Rehabilitation Trustee, Nobuaki Kobayashi, announced this in a note, indicating compliance measures and exchange cooperation have taken place.
Cautious Market Reaction to Mt. Gox Funds Release
The news of Mt. Gox creditors receiving their funds triggered concern among market participants on a potential sell-off in BTC and BCH.
- Bitcoin’s price fell to $61,060, a 6.5% drop from the previous day.
- Bitcoin Cash (BCH) dropped by 9% to $352.03.
Derivatives Market Impact
Derivatives traders faced significant losses, with $90.78 million worth of Bitcoin longs liquidated in the last 12 hours, as reported by CoinGlass.
Mt. Gox Wallet Holdings and Market Speculation
The fear of a market impact is fueled by the 141,686 BTC in the Mt. Gox wallets, valued at approximately $8.71 billion, raising concerns about potential sell-offs and price volatility.
Previous Price Movements and Repayment Deadlines
Past price movements in Bitcoin coincided with fund transfers to unknown wallets, raising suspicion among investors. The reimbursement process, expected to be completed by October 2024, may take up to 4 months.
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