The reason for the sharp drop in Bitcoin has been found? The compensation plan for the 10-year Mt. Gox incident has been released, and the repayment plan will be advanced to July!
Today, according to Twitter blogger Mark Karpelès, the compensation plan for Mt. Gox's Bitcoin and Bitcoin Cash has been released, and repayment will start in early July. You should know that the Mt. Gox incident owed 142,000 Bitcoins and 143,000 Bitcoin Cash, as well as 69 billion yen.
Assuming that the current market price of $61,000 per coin is used, the compensation amount exceeds $8.7 billion. The market fell sharply today, and I think some panic funds must have fled in advance, worried about the selling pressure of Mt. Gox in July.
However, there is also a rumor that the compensation will not be paid according to the market price at that time, but will be based on the value of Bitcoin in 2014, which is $483, and it will not be based on the number of lost Bitcoins, but converted into cash and repaid through PayPal, which will last until October 31.
If this is the case, it is a big boon for the entire market. Losing the dollar is better than losing Bitcoin. However, the source of the news is a Twitter account with only 10,000 followers. I don't know if it is true or not. Let's continue to observe.
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