Solana

Reddit

Bitcoin

James

Bitcoin (BTC) is witnessing a slight downturn in the last week of 2023 amid the increasing anticipation around a spot ETF approval. However, reports emerged that fallen <a href="https://news.todayq.com/bitcoin-dump-incoming-mt-gox-aims-repay-creditors/" target="_blank" rel="noopener noreferrer nofollow">crypto exchange Mt. Gox</a> initiated customer repayments after almost a decade of dormancy. This move signifies the imminent release of over $6 billion in Bitcoin, stirring reactions from industry experts. Mt. Gox repayment begins 
Reports suggest that some creditors of the defunct Mt. Gox received settlement funds twice. This raised concerns about the repayment process. However, reports on Reddit suggest that Mt. Gox has addressed this error via email, demanding the return of the duplicated payment.
The reimbursements began on Christmas, almost a decade after Mt. Gox ceased operations due to the loss of 650,000 to 850,000 bitcoins (now valued at $36 billion). The defunct exchange was once the world’s largest Bitcoin platform and was handling over 70% of all Bitcoin transactions before its abrupt closure in 2014.
Redditor rpostwvu claimed to be among the first to report receiving payment in the form of yen to their PayPal account. This situation has sparked discussions among creditors as some report receiving identical transactions. Meanwhile, other creditors received notices from the Mt. Gox trustee requesting the return of duplicate payments. Is it a FUD? 
James Van Straten, Lead Analyst at CryptoSlate responded to the situation. Helabeled it as “Mt. Gox FUD,” highlighting that the Bitcoin balance stands at 138k, with 64k in total outflows on December 26, 2023. 
In the context of Bitcoin’s overall market decline, crypto expert Adam Cochran offered insights into potential contributing factors. He highlighted Barry’s resignation as CEO, thin market conditions on Boxing Day, GBTC selling off, and a widening discount affecting BTC and the wider market. This, coupled with cascading effects on Solana and repeated attempts by bulls to long, contributed to the market decline.
Cochran mentioned that, while a general pullback was anticipated, there has yet to be any systematic change in the markets. He likened the current scenario to a Boxing Day sale, stating that if investors appreciated Bitcoin at $41k last week, the current situation offers a similar opportunity.
On the marketside, Bitcoin price after rejoicing in an upward run dropped to the $41k level. However, BTC price has managed to regain momentum. Bitcoin price jumped by around 2% in the last 24 hours. BTC is trading at an average price of $43,152, at the press time.&nbsp;
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Mt. Gox FUD leading to Bitcoin price decline?

Todayq News

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