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Cryptocurrencies experienced a significant plunge on Friday as investors focused on the payout of nearly $9 billion to users of the collapsed bitcoin exchange, Mt. Gox. 
Bitcoin’s price fell by nearly 3% to $56,571, according to Coin Metrics, after dipping as low as $53,513 earlier in the day. This marked the first time Bitcoin traded below the $55,000 level since February 27. Ether, Bitcoin’s rival, also sank around 5% to $2,971.68. 
During this period, the entire cryptocurrency market lost over $170 billion in combined market capitalization within 24 hours, as reported by CoinGecko. 
Nobuaki Kobayashi, the trustee for the Mt. Gox bankruptcy estate, announced on Friday that repayments in Bitcoin and Bitcoin Cash had begun for some creditors through several designated crypto exchanges. However, the specific amount transferred to these exchanges was not disclosed. Kobayashi mentioned that remaining funds would be returned to creditors once certain conditions are met, including validating registered accounts and completing discussions with the exchanges. He assured that efforts were ongoing to ensure repayments were made “safely and securely,” and urged eligible creditors to be patient. 
Blockchain analytics firm Arkham Intelligence observed a small amount of Bitcoin moving out of wallets associated with Mt. Gox, including a $24 transfer to the Japanese crypto exchange Bitbank, which is among the exchanges supporting repayments. 
The anticipation of the Mt. Gox payout has pressured the cryptocurrency market, with expectations of significant selling activity as these coins enter the market. This led to substantial liquidations in the derivatives markets, with crypto data firm Coinglass reporting that 229,755 traders had positions worth a combined $639.58 million liquidated within 24 hours. Of this, $540.46 million were long trades, positions where investors expect asset prices to appreciate over time. 
Additionally, the German government sold approximately 3,000 bitcoins on Thursday, worth around $175 million at current prices, from a 50,000-bitcoin stash seized in connection with the Movie2k movie piracy operation, according to Arkham Intelligence. The German government still holds over 40,000 bitcoins, valued at more than $2 billion. 
Despite the recent downturn, industry insiders anticipate a rebound in Bitcoin prices toward the end of the year, as the near-term selling pressure from the Mt. Gox repayments subsides. Analysts at crypto data firm CCData noted that Bitcoin had not yet reached the peak of its current appreciation cycle and is likely to hit a new all-time high. 
Historical market cycles show that Bitcoin’s halving event, which reduces the supply of new bitcoins, usually precedes a period of price expansion lasting 12 to 18 months. The last halving event occurred on April 19, suggesting that the current cycle may extend further into 2025. 
In the midst of the cryptocurrency market’s volatility, Michael Saylor, Chairman of MicroStrategy, made a stoic remark regarding Bitcoin’s recent price slump. In a tweet that caught the attention of the crypto community, Saylor stated: “1 BTC to 1 BTC,” reaffirming a fundamental belief in Bitcoin’s enduring value despite market fluctuations. 
Tom Lee, co-founder and head of research at Fundstrat Global Advisors, expressed optimism, telling CNBC’s “Squawk Box” that he still sees Bitcoin reaching $150,000, despite the Mt. Gox overhang. He believes the disappearance of this major overhang in July could lead to a sharp rebound in the second half of the year. 
Investors are also awaiting the launch of an ether exchange-traded fund (ETF) in the U.S., following the approval of the first U.S. spot Bitcoin ETF in January. The U.S. Securities and Exchange Commission approved a rule change in May, paving the way for ETFs that buy and hold ether. 
The post <a href="https://www.unlock-bc.com/125508/mt-gox-bitcoin-payout-fears-erase-over-170-billion-from-crypto-market/">Mt. Gox Bitcoin Payout Fears Erase Over $170 Billion from Crypto Market</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Mt. Gox Bitcoin Payout Fears Erase Over $170 Billion from Crypto Market

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