- Gox will distribute 142,000 BTC and 143,000 BCH, valued at over $9 billion, to creditors.
- The payment process could begin as early as next month.
- All eyes are on the payment’s impact on the price of Bitcoin and Bitcoin Cash, especially after the Bitcoin halving event.
Mt. Gox, once a major player in the cryptocurrency trading scene, faced a devastating hack in 2014, leading to its collapse. Now, almost a decade later, the defunct exchange is preparing to distribute a significant sum of digital assets, including approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH), for a total amount of more than of 9 billion dollars, to creditors.
This impending payment has sparked concerns among market observers, with K33 Research highlighting the possibility of a negative impact on the price of Bitcoin in the near future. report released Tuesday.
According to analysts, the influx of Mt. Gox coins into the market could create downward pressure on BTC’s valuation in the coming weeks.
Possible implications for the price of Bitcoin (BTC)
Analysts at K33 Research highlighted concerns that the influx of Mt. Gox digital assets into the market could put downward pressure on the price of Bitcoin in the coming weeks. Although creditors may not immediately liquidate their assets, the anticipation surrounding the payment could prompt investors to be cautious, potentially weakening market sentiment.
Creditors recently received updates on their BTC and BCH claims, indicating that payments may begin sooner than initially expected. This development, coupled with the impending deadline set by Mt. Gox administrators for refunds, has intensified speculation within the crypto community.
Market observers remain divided on the potential impact of the Mt. Gox payment on the price of Bitcoin. While some believe creditors could choose to hold on to their funds, others fear that the sheer volume of digital assets entering the market could trigger a sell-off, leading to a temporary drop in prices.
Despite the uncertainty surrounding the Mt. Gox payout, the crypto market continues to show resilience in the face of external pressures. However, investors are advised to exercise caution and closely monitor developments related to the distribution process to mitigate any negative effects on their portfolios, especially as analysts at K33 Research warn.
