The extension of the deadline, originally set for the end of October 2024, will give creditors additional time to complete the necessary procedures to repay the debt.
Mount Gox, an early #cryptocurrency exchange that collapsed in 2014, owed creditors about $9.2 billion in bitcoins.
market analysts and investors expected that the influx of bitcoins resulting from the payouts would lead to significant pressure on the market once the first payments begin this July.
Rachael Lynn, co-founder and CEO of SynFutures, said, The market expects most Mt. Gox users to dispose of their tokens.
However, if sales are less than expected, the market may recover. #Bitcoin fell 14% to a low of $54,000 but soared to $70,000 by the end of the month.
While the bitcoin price is still subject to other forces, the delay removes one important factor that could affect the cryptocurrency market. Key upcoming events include the U. S. presidential election and changes in monetary policy, which could lead to higher prices or further sell-offs.
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