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Reports of Mt. Gox paying compensation cause Bitcoin to drop below $68,000
Bitcoin prices fell 1.5% today, falling below the $68,000 mark after briefly peaking near $70,600 yesterday. The drop came on the heels of fresh reports that once-dominant Bitcoin exchange Mt. Gox, which collapsed in 2014, has begun making payments to its long-awaited creditors. The release of approximately 75,000 Bitcoins, valued at more than $5.1 billion, has raised concerns about market liquidity and price stability.
Bitcoin prices fell 1.5% today, falling below the $68,000 mark, after briefly hitting a high of nearly $70,600 yesterday. The drop came on the heels of fresh reports that once-market-leading Bitcoin exchange Mt. Gox, which collapsed in 2014, has begun paying compensation to its long-awaited creditors. The release of approximately 75,000 Bitcoins, valued at more than $5.1 billion, has raised concerns about potential liquidity and price stability.
Bitcoin prices fell 1.5% today, falling below the $68,000 mark, after briefly hitting a high of nearly $70,600 yesterday. The drop came on the heels of fresh reports that once-market-leading Bitcoin exchange Mt. Gox, which collapsed in 2014, has begun paying compensation to its long-awaited creditors. The release of approximately 75,000 Bitcoins, valued at more than $5.1 billion, has raised concerns about potential liquidity and price stability.
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On August 2, Genesis Trading successfully distributed BTC and ETH treasures worth a total of $1.817 billion to 203 creditors as the first wave of its $4 billion redemption plan. However, six days later, the plot reversed, and the market saw only about 15% of the treasure unlocked for circulation, and the remaining 85% of the huge assets were still firmly locked in the safe, waiting for the opportunity. This wave of operations undoubtedly set off layers of ripples in the currency circle, causing people to speculate.
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#Genesis
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#Genesis
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Genesis wins court approval to return $3 billion to creditors
Given the massive debt and numerous creditor claims, there is no likelihood of any assets remaining for equity holders like DCG.
Bankrupt crypto lending firm Genesis Global Holdco received court approval on Friday to return approximately $3 billion in cash and crypto assets to its creditors as part of bankruptcy liquidation proceedings. The decision was made by U.S. Bankruptcy Judge Sean Lane.
Additionally, Judge Sean Lane rejected Digital Currency Group’s (DCG) attempt to challenge the debtor’s plan for distribution of assets in the bankruptcy case.
DCG has disputed the distribution plan because it believes the repayment should be limited to the value of crypto assets as of January 2023, when Genesis files for bankruptcy. Since then, the value of cryptocurrencies like Bitcoin has surged, with the price of Bitcoin jumping from about $21,000 to nearly $67,000.
Bankrupt crypto lending firm Genesis Global Holdco received court approval on Friday to return approximately $3 billion in cash and crypto assets to its creditors as part of bankruptcy liquidation proceedings. The decision was made by U.S. Bankruptcy Judge Sean Lane.
Additionally, Judge Sean Lane rejected Digital Currency Group’s (DCG) attempt to challenge the debtor’s plan for distribution of assets in the bankruptcy case.
DCG has disputed the distribution plan because it believes the repayment should be limited to the value of crypto assets as of January 2023, when Genesis files for bankruptcy. Since then, the value of cryptocurrencies like Bitcoin has surged, with the price of Bitcoin jumping from about $21,000 to nearly $67,000.
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🔒 Ten years of waiting, faith remains: Mt. Gox creditors continue to hold Bitcoin in the downturn
🕒 After a decade of waiting, Mt. Gox creditors finally began to receive repaid Bitcoin. According to reports, a total of more than 140,000 Bitcoins will be used for repayment, and 59,000 Bitcoins have been returned to creditors.
🤔 However, despite market concerns that this may lead to a large-scale Bitcoin sell-off, data shows that most creditors chose to continue holding Bitcoin when the market was down in the past few days.
🌐 Therefore, some people believe that the price plunge of Bitcoin this time was not caused by Mt. Gox's repayment, but was driven by other macroeconomic factors such as labor data, increased unemployment, and the Bank of Japan's decision to raise interest rates.
💰 Although Mt. Gox has repaid some Bitcoin (about 59,000), the remaining more than 80,000 Bitcoins are about to enter the repayment process, which also brings certain uncertainties to the market.
📉 However, the confidence of long-term holders in Bitcoin has not been shaken by short-term fluctuations. They value the long-term development potential and application scenarios of Bitcoin and blockchain technology. Especially during market corrections, long-term holders are relatively less likely to sell Bitcoin, especially those who have held Bitcoin ten years ago. Their tolerance for market fluctuations must be far greater than that of ordinary investors.
🚀 Binance Research representatives pointed out that it is not surprising that Mt. Gox creditors continue to hold Bitcoin, because the value of Bitcoin in their hands has increased by more than 100 times. Faced with such huge gains, they are more able to withstand the impact of short-term fluctuations.
🤷♂️ There is also a view that Mt. Gox creditors have not yet sold Bitcoin on a large scale, perhaps because they are waiting for an ideal price point. However, this potential selling pressure may also add some uncertainty to the market, but I believe that the long-term value of Bitcoin will increase over time, there is no doubt about it.
💬 Do you think Mt. Gox creditors will continue to hold Bitcoin? Are they waiting for a higher ideal price? Or, is there a potential selling pressure in the market on the next round of repayments from Mt. Gox?
#MtGox #比特币 #市场分析 #债权人
🕒 After a decade of waiting, Mt. Gox creditors finally began to receive repaid Bitcoin. According to reports, a total of more than 140,000 Bitcoins will be used for repayment, and 59,000 Bitcoins have been returned to creditors.
🤔 However, despite market concerns that this may lead to a large-scale Bitcoin sell-off, data shows that most creditors chose to continue holding Bitcoin when the market was down in the past few days.
🌐 Therefore, some people believe that the price plunge of Bitcoin this time was not caused by Mt. Gox's repayment, but was driven by other macroeconomic factors such as labor data, increased unemployment, and the Bank of Japan's decision to raise interest rates.
💰 Although Mt. Gox has repaid some Bitcoin (about 59,000), the remaining more than 80,000 Bitcoins are about to enter the repayment process, which also brings certain uncertainties to the market.
📉 However, the confidence of long-term holders in Bitcoin has not been shaken by short-term fluctuations. They value the long-term development potential and application scenarios of Bitcoin and blockchain technology. Especially during market corrections, long-term holders are relatively less likely to sell Bitcoin, especially those who have held Bitcoin ten years ago. Their tolerance for market fluctuations must be far greater than that of ordinary investors.
🚀 Binance Research representatives pointed out that it is not surprising that Mt. Gox creditors continue to hold Bitcoin, because the value of Bitcoin in their hands has increased by more than 100 times. Faced with such huge gains, they are more able to withstand the impact of short-term fluctuations.
🤷♂️ There is also a view that Mt. Gox creditors have not yet sold Bitcoin on a large scale, perhaps because they are waiting for an ideal price point. However, this potential selling pressure may also add some uncertainty to the market, but I believe that the long-term value of Bitcoin will increase over time, there is no doubt about it.
💬 Do you think Mt. Gox creditors will continue to hold Bitcoin? Are they waiting for a higher ideal price? Or, is there a potential selling pressure in the market on the next round of repayments from Mt. Gox?
#MtGox #比特币 #市场分析 #债权人
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! ! ! Breaking news! ! !
Genesis successfully completed financial reorganization and launched an asset allocation plan with a total amount of up to US$4 billion, covering digital currencies and US dollar assets. Key highlights are as follows:
Bitcoin creditors: Successfully recovered 51.28% of the original claims, marking a significant repayment ratio for BTC creditors.
Ethereum creditors: Obtained a repayment rate of 65.87% in the form of ETH, demonstrating the high recovery value of ETH in the restructuring.
Altcoin creditors: Achieved repayment of up to 87.65%, highlighting the positive performance of non-mainstream tokens in liquidation.
Solana creditors: Despite facing challenges, they still received 29.58% of SOL asset recovery, which reflects part of their support for the Solana ecosystem.
U.S. dollar and stable currency creditors: Achieve full repayment in U.S. dollars, ensuring the financial security of stable currency and traditional currency creditors.
In addition, Genesis has established a special litigation fund with an amount of US$70 million, aiming to take legal action against third parties, including DCG, to further protect the interests of creditors and seek potential recovery opportunities. This move reflects the company's positive attitude and forward-looking layout in the restructuring process. #Genesis #Genesis债权人
#债权人
#Btcoin
#ETH🔥🔥🔥🔥
Genesis successfully completed financial reorganization and launched an asset allocation plan with a total amount of up to US$4 billion, covering digital currencies and US dollar assets. Key highlights are as follows:
Bitcoin creditors: Successfully recovered 51.28% of the original claims, marking a significant repayment ratio for BTC creditors.
Ethereum creditors: Obtained a repayment rate of 65.87% in the form of ETH, demonstrating the high recovery value of ETH in the restructuring.
Altcoin creditors: Achieved repayment of up to 87.65%, highlighting the positive performance of non-mainstream tokens in liquidation.
Solana creditors: Despite facing challenges, they still received 29.58% of SOL asset recovery, which reflects part of their support for the Solana ecosystem.
U.S. dollar and stable currency creditors: Achieve full repayment in U.S. dollars, ensuring the financial security of stable currency and traditional currency creditors.
In addition, Genesis has established a special litigation fund with an amount of US$70 million, aiming to take legal action against third parties, including DCG, to further protect the interests of creditors and seek potential recovery opportunities. This move reflects the company's positive attitude and forward-looking layout in the restructuring process. #Genesis #Genesis债权人
#债权人
#Btcoin
#ETH🔥🔥🔥🔥