- Mt. Gox will repay 141,686 BTC in three phases, starting with 71,403 BTC from July to October.
- The repayment process includes individual creditors, credit funds, and exchanges, with returns up to 100 times the initial investment.
- Market analysts predict only 50% of repaid BTC will be sold, amounting to 35,700 BTC, likely mitigating severe market impact.
Mt. Gox will begin the payment of 141,686 BTC this month. Investors are eagerly awaiting the start of this process and its effect on the market. The payback will occur in three phases, each with its own market effects.
MT GOX DUMP FUD
— Ash Crypto (@Ashcryptoreal) July 5, 2024![🚨]()
Mt. Gox will start the repayment of 141,686 BTC this month
The market is dumping as people are thinking BTC might hit $45K or even $40K
Let's clarify the FUD about the Mt. Gox dump
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Mt. Gox BTC distribution will happen in 3 phases
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The early payment phase will last from July to October and will result in a payout of 71,403 Bitcoins. This initial period is crucial since it sets the scene for future repayments. Payments will be made to individual customers, credit funds, and exchanges.
The intermediate payment phase is going to concentrate on final creditors. Although the exact dates for this part have not been set yet, it is expected to follow a structured schedule to make sure that all creditors get paid.
This phase will address remaining claims and try to settle the majority of outstanding dues. The management decisions made by those last creditors regarding the received Bitcoin will have a significant influence on the market.
The last payment phase will complete the repayment procedure and is anticipated to occur years later. This phase is intended to handle any outstanding claims and ensure that each aspect of the repayment plan has been completed.
Bitcoin was worth $600 during the 2014 Mt. Gox hack, so investors stand to make a large profit, with some seeing returns of up to 100 times their original investment. However, the market has responded with a mix of anxiety and anticipation.
Despite the uncertainty, market analysts believe the situation might not be as dire as it appears. Given the current market trend, only 50% of the paid bitcoins, or 35,700 BTC, are expected to be sold, valued around $2.1 billion.
While the Mt. Gox payment process is an important event for the bitcoin market, its actual impact may be less than expected. The market’s ability to absorb sell pressure may help keep Bitcoin’s price within a stable range, calming some of the fears of a market meltdown.
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