According to CoinDesk, cryptocurrency research company K33 Research said in a report released on Tuesday (23rd) that Mt. Gox, the Bitcoin exchange that collapsed due to hacking attacks in 2014, is preparing to distribute approximately 9.5 billion worth of money to creditors. 142,000 Bitcoins (BTC) worth $73 million and 143,000 Bitcoin Cash (BCH) worth $73 million, which has put tremendous pressure on digital asset prices.

K33 Research head of research Anders Helseth and senior analyst Vetle Lunde wrote in a report that these coins from Mt. Gox may become an important factor that adversely affects prices in the coming weeks.

The warning comes as Mt. Gox creditors recently discovered updates to their BTC and BCH claims in the Mt. Gox claims filing system, a development that could signal that upcoming payments may come sooner than previously expected. Mt. Gox's restructuring trustee last year set a deadline of Oct. 31, 2024, to repay creditors.

K33 reports that creditors saw similar updates regarding cash repayments in mid-March, with some users claiming they had received transfers. The authors of the report said that if the cryptocurrency repayment process is similar to fiat currency repayments, creditors may start receiving digital assets as soon as next month.

The report explains that while creditors are unlikely to collectively sell the cryptocurrency repayments they receive, the expectation may prompt market participants to be cautious and avoid taking risks before an event occurs. Helseth and Lunde said that "repayments do not necessarily equate to selling pressure, as creditors may choose to continue to hold funds," but it could be a negative factor that could disrupt the market in the short term.

K33 also mentioned in the same report that the market crash two weeks ago wiped out the bubble that had existed in the past few months. The author wrote:

“After the plunge from April 12 to April 13, market sentiment is far from what it once was. Although Bitcoin has climbed over the past week, there are no signs of traders actively using leverage to re-enter the market. This has a negative impact on the market. This is a welcome sign for the outlook as it indicates a deflation of the bubble seen over the past few months."

Related reports: "GBBTC and Mt.Gox are partners in dual pressure?" dForce Yang Mindao: Mt.Gox expects to distribute nearly 140,000 BTC in the next two months. "Mt.Gox was exposed to have 80,000 Bitcoins hidden in private possessions?" The truth behind the sensational headlines

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