Huge selling pressure? Mt.Gox payouts begin in July
The time has come: According to a statement from the trustees, those affected by Mt.Gox will receive their Bitcoin as early as next month.
The time has come: According to a statement from the trustees, those affected by Mt.Gox will receive their Bitcoin as early as next month. Does this threaten the BTC price with a sharp correction?
The bankrupt crypto exchange Mt.Gox plans to begin disbursements next month for Bitcoin and Bitcoin Cash. That's according to a statement from the trustee Monday morning. It states that refunds will begin "in early July 2024." For years, creditors have been waiting for a (partial) refund of their coins. After the collapse of the exchange in 2014, users lost a total of 850,000 BTC. Of that, 142,000 BTC could be recovered. In total, Mt.Gox owes its former users cryptocurrency worth about US$9 billion.
Because of/ the payoffs of these coins, there could be immense selling pressure for Bitcoin. The duped investors bought their BTC when they were worth only a few hundred US dollars. Since the BTC price in the meantime exceeds US$60,000, there is a huge incentive to sell the recovered coins. How great this danger is, however, is repeatedly the subject of numerous discussions.
The Bitcoin price fell sharply following the news. At the time of writing, Bitcoin was quoting US$61,000 - down 5 percent on a daily basis.
