Bitcoin Cash

Bitcoin

Drops

<p>The post <a href="https://coinpedia.org/news/mt-gox-to-begin-repaying-creditors-in-bitcoin-and-bitcoin-cash-next-week/">Mt. Gox to Begin Repaying Creditors in Bitcoin and Bitcoin Cash Next Week</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In an important development, the defunct crypto exchange Mt. Gox announced it will begin repaying creditors in Bitcoin and <a href="https://markets.coinpedia.org/bitcoin-cash/" target="_blank" rel="noreferrer noopener">Bitcoin Cash</a> starting next week. This repayment marks a crucial step towards resolving claims from its 2014 collapse.</p> 
<h2 class="wp-block-heading" id="h-mt-gox-repayment-process-an-overview-nbsp">Mt. Gox Repayment Process: An Overview&nbsp;</h2> 
<p>Mt. Gox will initiate repayment in July 2024, focusing on creditors who have completed the required information exchange and confirmation procedures. Although the repayments will be carried out in stages, Mt. Gox has urged creditors to be patient as the process will be gradual. The exchange is set to distribute nearly $10 billion worth of BTC and BCH, but the timeline for complete disbursement remains unclear.&nbsp;&nbsp;</p> 
<h3 class="wp-block-heading" id="h-mt-gox-collapse-a-background-view-nbsp">Mt. Gox Collapse: A Background View&nbsp;</h3> 
<p>Tokyo-based Mt. Gox filed for bankruptcy in 2014, claiming hackers had stolen $460 million from its online coffers. This news shook the Bitcoin world, revealing a messy combination of poor management, neglect, and inexperience. Leaked documents indicated that hackers had been skimming money from the company for years.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-drops-amidst-mt-gox-announcement-nbsp">Bitcoin Price Drops Amidst Mt. Gox Announcement&nbsp;</h2> 
<p>The announcement had an immediate impact on <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a>. Shortly after the news, Bitcoin was corrected by 5%, dropping below $64,500. The increased selling pressure has recently seen BTC slip under $63,000. This price drop raises questions about how creditors will handle their newfound assets. Given the significant appreciation in Bitcoin’s value over the past decade, some creditors may choose to sell, adding more pressure to the market.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdYBBTfbDGbOAFZUgwfrQbJ-iYn2NJSFjOb1TXOPFlTH8zjtLyq334KT-KGE7Iffh8_po36MX_WBIrJFKHbsAiS9DBdwnATAkmRKgNFM9IAb_gzDyhpBXw42aYD4dypZ1vzDi7gLTt6EXDfyqWXCD0dLmNl?key=FzVuLPjYD8H8-qnZsRUbDw" alt="">
</figure> 
<p>The current price of <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> is $62,620. For the last few weeks, the strength of the BTC price has been consistently weakening. The 30-day change of BTC is -12%, and its 7-day and 24-hour changes are -7.3% and -5.0%, respectively.&nbsp;&nbsp;</p> 
<p>Mt. Gox’s announcement has sent ripples through the market, causing a notable drop in Bitcoin’s price. As repayments proceed, the market will be closely watched for further developments.</p> 
<p>Read Also : <a href="https://coinpedia.org/news/apple-in-hot-water-eu-charges-apple-over-app-store-rules-alleging-dma-violation/" target="_blank" rel="noreferrer noopener">Apple in Hot Water: EU charges Apple over App Store rules, alleging DMA violation</a></p> 
<p><em>Stay tuned to </em><strong><em>Coinpedia</em></strong><em> for all the latest updates on this!&nbsp;&nbsp;</em><br></p>

Mt. Gox to Begin Repaying Creditors in Bitcoin and Bitcoin Cash Next Week

Table of Contents

CoinPedia News

Other articles published on Jun 24, 2024

Crypto: Traders Are Abandoning Meme Coins – What’s Happening?

CoinShares Achieves 116% Recovery on FTX Claim

Meme Coin Airdrops to Watch for July - Keep an Eye on These Airdrops!

Three Renewable Energy Stocks that Can Deliver Solid Returns

MoonBag Raises Over $2.8M in 1 Month, Named the Best Presale in 2024, Eclipsing BitBot and Immuta...

KIF Opposes Crypto ETFs in South Korea

Join our free newsletter for daily crypto updates!