๐Crypto enthusiasts, buckle up! Mt. Gox, the once leading crypto exchange, has started repaying creditors in Bitcoin and Bitcoin Cash. This move, announced on July 5, 2024, marks a turning point in the rehabilitation process of the defunct Bitcoin exchange.๐
Mt. Gox, known for handling over 70% of all bitcoin transactions in its heyday, holds 142,000 BTC, 143,000 BCH, and a whopping 69 billion yen among other assets. The repayments are expected to significantly shake up the crypto market.๐
Bitcoin and Bitcoin Cash prices have taken a hit following the repayment news, with Bitcoin plunging to as low as $53,600 and Bitcoin Cash prices dipping below $290. However, the long-term impact may be less severe as the market gradually absorbs the selling pressure.๐ง
Creditors, hold your horses! You may have to wait up to 90 days to receive your payouts. The commencement of repayments by Mt. Gox is a milestone in the crypto world, introducing new dynamics to the market.
What are your thoughts on this? How do you think this will affect the crypto market? Share your thoughts in the comments below!๐