BTC July 25
Why did Bitcoin price drop in the last 24 hours? After a long wait, users affected by the Mt. Gox in 2014 is being compensated. Currently, 40% of refunds have been successful. MT. Gox transferred an additional $2.5 billion in Bitcoin to pay more customers.
Background:
From 2011 to 2014, the Mt. Gox was hacked multiple times and lost 850,000 $BTC. In 2014, 200,000 $BTC was recovered and it was expected to distribute 90,000 $BTC to customers.
💰Great compensation:
With Bitcoin prices ranging from $30 to $653 during the hack period, users received profits of 100 to 3000 times.
Repayment schedule:
MT. Gox must repay its debt by October 2024. Recently, the exchange transferred $2.8 billion in Bitcoin and $354 million to #Bitstamp.
Market impact:
Over the past 24 hours, Bitcoin has dropped from $67,102 to $64,050, possibly due to selling pressure from creditors of Mt. Gox and Market Fear
Market situation:
These huge profits could crash the market if many creditors decide to sell Bitcoin. Currently, Bitcoin is trading at $64,200.
The remaining balance:
MT. Gox still holds about $5.6 billion in Bitcoin, suggesting there is more market volatility as refunds continue.
