Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin Cash	BCHUSD	Crypto	9,238,149,889	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin Cash

BCHUSD

Crypto

9,238,149,889

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.870	0.19%	470.80	470.81	470.95

Price Change

Price Change %

Current Price

Bid Price

Offer

0.870

0.19%

470.80

470.81

470.95

High Price	Low Price	Open Price	Prev. Close	52 Week Range
471.35	469.60	470.35	469.93	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

471.35

469.60

470.35

469.93

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:41:01	0.005534	470.80	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:41:01

0.005534

470.80

USD

Price x Volume	Volume	Base Symbol	Related Pairs
48,926.07	104.04	BCH	BCHEUR	BCHGBP	BCHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

48,926.07

104.04

Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When

14/05/2024 3:00pm

NEWSBTC

Tokyo-based Bitcoin exchange, Mt. Gox is preparing to release a substantial amount of Bitcoin (BTC) into the market, signaling the upcoming disbursement of payments to creditors who had been affected by its hack attack in 2011. Mt. Gox Set To Release 142,000 Bitcoin Into Market Reports from Reddit reveal that the Kraken Bitcoin (BTC) and Bitcoin Cash (BCH) API interface have signaled that Mt. Gox is getting ready to release its substantial cryptocurrency and fiat holdings, which include 142,000 BTC and 143,000 BCH, and 69 billion yen. Related Reading: Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here As of May 13, the interface began reading “payment in preparation,” indicating that funds would soon be distributed to creditors. The date for the anticipated disbursement has also been slated for October 31, 2024. This decision comes after years of undergoing legal proceedings and negotiations aimed at reimbursing creditors who lost funds following the Bitcoin exchange’s crash. Earlier in 2011, Mt. Gox was hacked, resulting in the loss of 850,000 BTC now worth over $51 billion. Shortly after the unfortunate attack, Mt. Gox filed for bankruptcy and has since been gathering funds to compensate creditors. Reports from a few customers have revealed that the exchange has begun distributing funds in fiat currency. One particular Reddit user disclosed earlier in April, that he had received USD payments into an HSBC currency account with zero fees. While the long-awaited distribution process comes as great news to creditors, the release of such a large amount of Bitcoin could have a significant effect on the current Bitcoin market. Additionally, discussions about whether creditors would sell or retain their Bitcoin holdings once they receive their funds have been circulating. Nonetheless, the disbursement process presents a step towards closure and recovery for victims of the exchange’s hack and bankruptcy. Will Creditors Sell Or Hold? With the Bitcoin market presently in a fragile position after experiencing a series of declines following the halving event on April 20, the possibility of a large-scale sell-off could lead to drastic changes in the market, potentially resulting in a crash. Commenting on Mt. Gox’s 142,000 BTC distribution plans, a Reddit community member suggested that the exchange’s upcoming repayments could become a catalyst for the next BTC dump in 2024. Related Reading: Gaming The System: Pundit Reveals Why XRP Price Will Reach $33 In response, another Reddit user expressed doubt about the likelihood of a widespread sell-off, especially at the beginning of the bull market. The user surmised that investors who have been waiting for Mt. Gox’s payments for over a decade are unlikely to sell off their Bitcoin holdings quickly. Instead, he suggested that many creditors, like himself, would be more inclined to HODL their Bitcoin holdings, having acquired a deeper understanding of the pioneer cryptocurrency during the decade-long wait. Featured image from U.Today, chart from Tradingview.com

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BCHUSD Bitcoin Cash