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⚡️Market fear of collapse?
Recently, Mt.Gox announced that it would start debt repayment for BTC and BCH. This news caused panic in the cryptocurrency market. Here are a few questions to help you understand clearly
1️⃣Core question analysis:
Is this the first time Mt.Gox has repaid its debt?
No, Mt.Gox has previously made partial compensation in the form of Japanese yen.
2️⃣Why is this repayment special?
This is the first time Mt.Gox has repaid in the form of BTC and BCH, which means that a large amount of BTC and BCH will flow into the market.
3️⃣When will the repayment be made?
According to the latest announcement, repayment will start in July 2024.
4️⃣What are the repayment details?
Mt.Gox will calculate the proportion of creditors' claims according to the BTC price at the time of bankruptcy, and allocate BTC and BCH accordingly. The currency-based recovery rate of BTC is about 21.5%. That is to say, for 100 BTC at that time, 21.5 BTC are now compensated.
5️⃣ Why is the debt ratio calculated based on the BTC price of that year?
Since Mt.Gox is insolvent, a price benchmark must be selected to calculate the debt ratio. Finally, the price when Mt.Gox went bankrupt in April 2014 was selected, that is, each BTC was worth 50058.12 yen, about 2200 RMB
6️⃣ How to evaluate potential selling pressure?
Selling pressure depends on the creditor's sales expectations after receiving repayment. Most creditors may be early participants in the currency circle and are more likely to hold for a long time rather than trade quickly.
Summary:
Mt.Gox's BTC and BCH repayment event will have a certain impact on the Bitcoin market, but the specific impact depends on the creditor's sales expectations and market reaction. For long-term investors, this may be an opportunity to reallocate BTC and BCH, while for short-term traders, they need to pay attention to changes in market selling pressure.
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