According to K33 Research analysts, the amount of BTC and BCH that are about to be paid to creditors of Mt. Gox worth more than $9 billion in the coming weeks could “rock the market” and put negative price pressure on Bitcoin.

Earlier this week on Reddit, some creditors of cryptocurrency exchange Mt. Gox failed to share that they have seen updates to their requests, with many interpreting it to mean cryptocurrency payments could be rolled out soon.

Updates include the crypto and fiat amounts owed to creditors as well as repayment dates.

The new updates could mean creditors could start seeing Bitcoin paid back as soon as next month – assuming it follows a similar repayment schedule to fiat in March, analysts K33 Research's Anders Helseth and Vetle Lunde wrote in an April 23 market note.

Over 9.4 billion USD in Bitcoin (BTC) and 72 million USD in Bitcoin Cash
(BCH) owes 127,000 creditors of Mt. Gox, along with 445.8 million USD (69 billion Japanese Yen).

"MT. Helseth and Lunde said Mt.Gox coins could become a negative price contributor in the coming weeks.”

While Bitcoin payouts may not necessarily equate to selling pressure, the “surplus” of 142,000 BTC and 143,000 BCH could still “rock the market,” they added.

Bitcoin is currently trading at over $66,700, although the recent volatility has been attributed to war tensions in the Middle East and the Bitcoin halving on April 20.

Creditors of Mt. Gox has been waiting for a refund of their funds for more than 10 years after the exchange collapsed in February 2014 when it was attacked by hackers.

In January, the trustee of Mt. Gox has begun contacting creditors to confirm their identities and crypto exchange accounts used to repay BTC and BCH.

Meanwhile, reports last December showed that some creditors had begun to receive repayments in Japanese Yen. The K33 report noted that many creditors reported receiving additional fiat transfers in March.

MT. Gox has a final repayment deadline of October 31, 2024 for basic repayments, lump sum repayments and medium repayments, although this is still subject to change.

Source: https://tapchibitcoin.io/9-ty-do-la-sap-tra-no-cua-mt-gox-co-the-lam-rung-chuyen-thi-truong-crypto-k33-research. html