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Potential Return of Mt. Gox-era Bitcoin
The potential return of over $9 billion worth of Mt. Gox-era Bitcoin in the coming weeks could unsettle the market and exert negative price pressure on Bitcoin, according to analysts at K33 Research.
Creditors Updates on Mt. Gox Claims
Earlier this week, some creditors of the now-defunct Mt. Gox crypto exchange shared updates on their claims on Reddit. These updates included information about the amount of cryptocurrency and fiat owed to the creditors, as well as completed repayment dates.
Creditors Expected Payments
The new updates suggest that creditors might start receiving their Bitcoin as soon as next month, as noted by K33 Research analysts Anders Helseth and Vetle Lunde in an April 23 market note.
Outstanding Debt to Mt. Gox Creditors
The outstanding debt to Mt. Gox’s 127,000 creditors amounts to over $9.4 billion in Bitcoin, $72 million in Bitcoin Cash, and $445.8 million (69 billion Japanese yen).
Mt. Gox Bitcoin Payout
Trustee announces payout plan: 142,000k BTC, 143k BCH, & 69 Billion Yen to be distributed.
Bitcoin Market Impact
Bitcoin is currently trading at just over $66,700, with recent volatility attributed to changing tensions in the Middle East and the Bitcoin halving that occurred on April 20.
Mt. Gox Creditors’ Long Wait
The Mt. Gox creditors have been eagerly awaiting the return of their funds for over a decade since the exchange’s collapse in February 2014 due to a series of undetected hacks.
Bitcoin Halving Effects
While Bitcoin did not immediately react to the much-anticipated halving event, the leading cryptocurrency has since registered some gains.
Bitcoin Price Trends Post-Halving
While some analysts have cautioned about a potential further price slide following the halving event, the overall consensus remains bullish in the long term.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
