In a long-awaited move, Mt., the famous Bitcoin exchange that crashed in 2014. Gox has finally started paying its creditors. Not only does this bring closure to one of Bitcoin's darkest hours, it also shapes the asset's market dynamics in real time.
On July 5, Mt. Gox's rehabilitation trustee, Nobuaki Kobayashi, announced that debt payments to creditors in Bitcoin (BTC) and Bitcoin Cash (BCH) have begun. Payments are processed through a complex network of exchanges, each of which plays a critical role in the distribution of funds.
The scale of the payments is breathtaking. According to available data, approximately 47,288 BTC, worth approximately $2.7 billion, are already in Mt. Gox-associated wallets to new addresses. This is just the beginning, with a total of around 140,000 BTC â worth around $9 billion at current prices â expected to be returned to victims in the coming weeks.
What will be the impact of these payments? The immediate impact on Bitcoin's price was rapid. As news of the payments spread, Bitcoin fell from $62,000 to as low as $53,600. This is a big move that affects the entire crypto market. However, the market's reaction was not only Mt. It wasn't affiliated with Gox. News of the German government offloading millions of dollars worth of Bitcoin seized from criminal activities also coincided with these payments.
The launch of these payments injected a new level of volatility into an already dynamic crypto market. However, as the dust settles, a more nuanced picture appears to emerge. For example, Bitcoin has shown great resistance since July 5, recovering to $59,000 after its initial decline.
So what do you think? What impact will these payments have on the crypto market? We are waiting your comments.#MtGox#Bitcoin #CryptoMarket
