Mt Gox’s Massive Bitcoin Will Release, Will BTC Price Drop?
According to sources on Reddit, beleaguered crypto exchange Mt. Gox may soon begin repaying some creditors in Bitcoin. Mt. Gox has postponed refunds for another year to October 2024, while some creditors who have already provided the necessary details are expected to receive BTC refunds over the next two months.
Mt. Gox Bitcoin Refund
Creditors received emails at: Mt Gox Rehabilitation Board of Trustees Member According to a subreddit, they verify ownership of their account and authenticate with the crypto exchange or custodian they previously entered as the payment address for BTC/BCH.
Mindao Yang, The founder of decentralized stablecoin protocol dForce Network told the crypto community in a post on X that Mt. Gox has warned that Bitcoin distribution will hit the market within the next two months. Mt. Gox creditors are expected to unlock BTC amounts greater than 200,000 BTC in addition to the re-pricing of GBTC after the 600,000 loss and spot Bitcoin ETF approval.
“The Bitcoin halving will reduce the annual supply by 160,000 coins. “Interesting supply dynamics will emerge in the coming months,” Mindao Yang said.
To receive refunds in BTC/BCH, creditors must have their accounts in BTC/BCH. active status. People may not receive refunds in BTC/BCH if the account is disabled or frozen in the future.”
In December 2023, creditors reported that they had received compensation. Japanese Yen in PayPal accounts. Refunds continue and many people are receiving payments USD.
According to TokenUnlocks data, Mt Gox still holds more than 137,800 BTC worth $5.5 billion. The total amount of BTC is 162,105 BTC worth $6.5 billion.
There will be selling pressure
Experts say Mt. Gox Trustee has a different perspective on Bitcoin refunds. Some believe that repayments occur over many months throughout the year.
However, some claim that lump sum payments to creditors will be made immediately. Mindao Yang said, “Of course, the selling pressure should be relatively limited. As a result, many debts were sold over the years and the prices were reflected in the market.”
BTC price has dropped 3% in the last 24 hours and the price is currently trading at $39,981. The 24-hour low and high are $39,450 and $41,242 respectively. Additionally, the 120% increase in transaction volume in the last 24 hours shows that investors are interested.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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