Mt. It has been officially confirmed that Gox creditors will begin receiving repayments of their Bitcoin investments that they lost nine years ago. Therefore, the crypto community is cautious about what could happen to the market in the coming weeks.
Mt.Gox creditors finally get their Bitcoin (BTC)!
According to reports, the upcoming refunds will begin on March 10 and will unlock a staggering 137,890 Bitcoins (BTC), over $3 billion at the current market price. The development is in favor of Mt.Gox investors, who have been waiting for over nine years to recoup their investment. However, some crypto enthusiasts believe that this could push the crypto market towards another major bleeding trend.
Mt.Gox was once the largest Bitcoin exchange in the world until it filed for bankruptcy in 2014 after losing more than 850,000 BTC worth $460 million at the time or $19 billion today. The company suspended withdrawals on February 7, 2014, when the price of BTC hovered around $800.
With the current price of BTC at $22,408, many people think that creditors will sell their BTC holdings immediately after receiving them. It is not yet clear how this Bitcoin influx will affect the market and whether it will cause significant volatility in the crypto world. One Mt. Gox creditor and Blockstream CEO Adam Back says, “The Mt.
How will the Mt.Gox development affect the market?
In the previous week alone, Bitcoin has dropped more than 5% as traders anticipate the potential impact of Mt. Mt. Gox liquidator choosing to finish paying creditors by September of this year is one of the factors putting pressure on Bitcoin.
According to crypto analysts, if the creditors of the Mt.Gox exchange in 2014 receive all of their roughly $3 billion worth of Bitcoin payments, they could cause a market shock. The total will be around 142,000 Bitcoins, 143,000 BCH and 69 billion JPY. But one analyst believes otherwise. Anonymous analyst Crypto Busy shared a series of tweets explaining that the payout may not lead to a bearish scenario.
Early adopters, hacking and more
The analyst claims that most early adopters still support the coin and will choose to be compensated in BTC so they can hold it. And they are not going to sell their Bitcoins right away, especially given that it has risen to an all-time high of $69,000. The analyst also says that it is not the first time that 141,000 BTC has been sold in one day. In addition, the analyst underlines the following points:
Another factor is that two of the biggest Mt.Gox creditors have chosen a payment option that does not force the sale of Bitcoin. They chose the bulk payment option to be paid in September. Also, sources say litigation could net higher payments, but could take another 5 to 9 years.
cryptocoin.comAs you follow, when 850,000 Bitcoins were stolen by hackers in 2014, creditors of the Mt Gox exchange had been waiting for almost a decade to receive their refund. About the hack, the analyst adds:
Another fact is that Mt. Gox lost 850,000 BTC in a hack and they couldn’t get all the stolen Bitcoins back. So they will not actually pay this amount to the creditors. Instead, there are only 141,686 BTC, 142,846 BCH and 69 Billion Yen on Mt.
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