According to CoinDesk, Peter Chung of Presto Labs said that Mt. Gox's bankruptcy redemption formed a bear market for BCH, not BTC. Mt. Gox will return $73 million worth of BCH to its former customers, which is more than 20% of the token's daily trading volume. People are worried that the selling pressure from the bankruptcy redemption of the Mt. Gox legacy will pull down the price of Bitcoin (BTC). This concern is unfounded, but it may form a bear market for Bitcoin Cash (BCH). In addition, Mt. Gox will also return about $9.5 billion worth of BTC to its customers, as well as 143,000 BCH worth about $73 million.
Data from CoinGecko shows that Bitcoin Cash's daily trading volume is $308.8 million, which makes the redemption value about 24% of that figure. Chung said in an interview with CoinDesk that he expects BTC selling to be limited because anyone who wants to exit can sell their claims on the bankruptcy claims market.
