Former stock market Mt. Gox users are preparing to get their Bitcoin (BTC) back. As exchange creditors choose how much to receive in cash, Bitcoin, and Bitcoin Cash, the possibility of overflowing 150,000 BTC becomes real. Therefore, Bitcoin is facing the threat of a new sell-off in the near future.
Cash, Bitcoin or Bitcoin Cash?
Mt. Gox rehabilitation process, attorney Nobuaki Kobayashi made a new statement on July 6th. In a statement, it confirmed that it is ‘ready to issue refunds’ to account holders. Mt. More than eight years have passed since Gox’s collapse. Finally, those who lost money will get their BTC. In official correspondence, Kobayashi did not give an exact date for the repayments to begin.
The Rehabilitation Trustees are currently preparing to issue repayments in accordance with the approved rehabilitation plan, with the Tokyo District Court’s confirmation decision made final and binding on November 16, 2021.
Borrowers have the option to receive outstanding funds as an ‘Early Mass Payment or alternative’. It is possible for them to receive all or some of them in BTC or the struggling altcoin Bitcoin Cash (BCH). “The deadline for Selection and Registration will be determined by the Rehabilitation Trustees with Court permission,” the article adds.
“Set price alerts when payments start”
The incident has long been accompanied by concerns about its impact on the market. Commentators say the price of Bitcoin at the time was a fraction of the current $20,900. They also point out that it puts prices under pressure, raising doubts that buyers could instantly sell large amounts of BTC in the market.
Mt. Gox trustee balance chart / Source: GlassnodeThe rehabilitation plan was approved first in 2018 and then in October 2021. Mt. Of the initial 850,000 BTC lost by Gox’s downfall, only 150,000 BTC were recovered.
Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, advised traders to set price alerts when payments start. Another Twitter user tops the list of “black swan” events likely to affect BTC, with Mt. Gox included. He also tweeted, “Still quiet for now.”
Celsius loan repayment boosts BTC
As you follow on Kriptokoin.com, Mt. Gox payment expectation did not seriously affect BTC. Meanwhile, Celsius has completed a $44 million loan repayments to MakerDAO. This news has affected the BTC price. The news sent BTC to nine-day highs near $21,000.
According to data from TradingView, volatility has been narrowing for several days. Therefore, according to experts, it was already expected to hit Bitcoin, which consolidated in a range.
BTC 1-hour candlestick chart (Bitstamp) / Source: TradingView
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