Coin World reports:
Formerly the world’s largest Bitcoin exchange Mt. Gox, after a decade of bankruptcy litigation and several delays, has finally started compensating creditors. It is anticipated that by October this year, Mt. Gox will pay 142,000 BTC and 143,000 BCH to creditors, which is also considered by the market to be a key factor in the recent downturn of Bitcoin…
Mt. Gox Announces Repayment
Just yesterday (5th), Mt. Gox released a document indicating that repayments to creditors have begun as scheduled through various cryptocurrency exchanges. However, it is worth noting that Mt. Gox stated that the specific timing of repayment will vary depending on the exchange through which the creditors receive the repayment. For example:
– Repayment through Kraken will be within 90 days;
– Bitstamp within 60 days;
– BitGo within 20 days;
– SBI VC Trade and Bitbank both within 14 days.
Screenshots have circulated on social media showing that some Japanese creditors have already received BTC and BCH repayments; others have reported receiving cash payments via international wire transfers.
Will Bitcoin Sell Pressure Last for Three Months?
This week, Bitcoin experienced a severe decline, dropping to a low of $53,269 yesterday (5th). Although it has rebounded to above $56,000, if the entire repayment period for Mt. Gox extends over three months, it could bring prolonged selling pressure to Bitcoin.
However, according to previous reports from the community group +V: JQLT0192, Galaxy Research Director Alex Thorn believes that the selling pressure from Mt. Gox will be less than expected for three reasons. Whether this drop is due to Mt. Gox creditors selling or market panic is still uncertain, and further observation is needed.
In the face of the current decline, people are subtly hoping: “This is just the prelude to a major player’s action.”
In the past six months, the overall uncertainty in the financial environment has increased rather than decreased. Within the blockchain space, there has been no main narrative like the 2020 DeFi boom, nor has there been a wealth effect similar to DeFi. Over the past six months, various hotspots have emerged—Gamefi, AI, modularity, and public chains—but none have supported this so-called bull market.
As a result, investors are confused, project teams are confused, and even Binance is confused…
There may be three more actions to follow:
1. Over 50,000 coins will continue to move;
2. These BTC will be transferred to different exchanges;
3. An announcement of the compensation process.
Recently, many private messages have been received, questioning when the market will improve, when the altcoin season will arrive, and if there will be another major bull market!
Your confusion is understandable! Many are currently holding numerous altcoins, with most being stuck in losses or suffering significant declines.
Every time there is a downturn or slight fluctuation in ETH or Bitcoin, retail investors scramble to find reasons for the decline and whether it will continue. In reality, it doesn’t help to analyze why it dropped or if it will drop further.
We should face the situation bravely, deal with losses, and find ways to recover, rather than getting tangled up in confusion!
To seize the next bull market opportunity in the crypto industry, you need to be part of a quality community. In such a group, you can stay warm and maintain insight. If you are alone, looking around and finding no one, it will be very challenging to persist in this industry.