Yesterday the bitcoin #exchange rate is $62,335, which is 3.1% higher than the values of the previous day. The upward movement in the market is due to the unexpected news that the former crypto exchange #Mt.GOX has postponed the deadline for paying its creditors until October 31, 2025. This is the 2nd postponement of the deadline in the last 2 years, as previously the deadline date was moved from October 2023 to October 2024.
The decision for another postponement, as stated in the exchange's statement, was made in consultation with the court and was prompted by the desire to ensure âreasonably practical fulfillment of obligations to creditors.â The postponement of Mt. Gox's payments temporarily alleviates market participants' concerns related to potential selling pressure that could have arisen from the simultaneous withdrawal of a significant volume of bitcoins. Such a payout could have created significant selling pressure, as some lenders would likely have attempted to realize their assets immediately.
There are already precedents for such concerns. For example, in July this year, when Mt. Gox moved 47,229 $BTC
in preparation for the payout, the bitcoin exchange rate temporarily dropped 3.38%, falling below $59,000. This shows the market's high sensitivity to large transfers, especially in a low liquidity environment. Analysts believe that the current rise in the #BTCâ exchange rate may be due to the fact that the postponement of payouts to 2025 so far removes these risks, creating a more favorable environment.
The market recovery may also be due to the fact that investors have taken the postponement as a sign of stability, realizing that there will not be a massive inflow of BTC to the market in the near future. This boosts buyers' confidence.
However, investors and analysts remain wary. The news about the postponement of #MtGox payments, on the one hand, became positive for short-term dynamics, on the other - does not exclude pressure on the market in the future, when payments will still be made.
