CoinDesk reports:
As bankrupt exchange Mt.Gox initiates repayments to creditors, Bitcoin prices plummeted by 6.87%, moving 47,229 bitcoins in the first trade.
The infamous Bitcoin exchange Mt.Gox, which collapsed in 2014, has started the process of repaying creditors. This move coincided with a significant drop in Bitcoin prices, reflecting the market’s long-awaited reaction to one of the industry’s most prominent bankruptcy cases.
Bitcoin tumbled to below $56,000, marking a 6.87% drop within 24 hours. Ethereum also experienced a sharp decline, falling below $3,000 with a 9.66% drop within the same period.
The total liquidation of $576 million in the past 24 hours has exacerbated this market turmoil, with long positions accounting for $499 million of this liquidation.
Mt.Gox Creditor Repayment Procedure
Trustee for Mt.Gox’s rehabilitation, Nobuaki Kobayashi, announced on July 5, 2024, that repayments in Bitcoin and Bitcoin Cash have commenced for some creditors.
May God bless us all.
