On Friday, the crypto market could be facing a major shakeup as Mt. Gox creditors start receiving repayments for their Bitcoin investments, which were relinquished nine years ago. Reports indicate that the repayments will begin on March 10, unlocking a whopping 137,890 Bitcoin, which is currently valued at over $3 billion. While this is good news for investors who have been waiting for years to recoup their investments, some experts are concerned that it could lead to another significant bleeding trend in the crypto market.
Mt. Gox was once the largest Bitcoin exchange globally, but it filed for bankruptcy in 2014 after losing over 850,000 BTC worth $460 million at the time, or $19 billion today. The company suspended withdrawals on February 7, 2014, when the price of BTC was hovering around $800. With BTC’s current price at $22,408, many believe that the creditors will quickly sell off their BTC holdings once they receive them, but it’s uncertain how this influx of Bitcoin will impact the market and whether it will cause significant fluctuations in the crypto world.
Adam Back, CEO of Blockstream and an Mt. Gox creditor, said that he had written off the Bitcoin he still had on the exchange in 2014 as a loss, making anything he gets back a bonus. In the last 24 hours, the crypto market has seen over $14 billion worth of Bitcoin bought and sold, according to CoinMarketCap data.
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