A six-year plan to return funds from users of the Mt. Gox has come to an end. Mt. Gox, which once controlled 70% of the world's BTC trading volumes, ceased to exist back in 2014. The exchange lost a total of about 850,000 bitcoins , of which 200,000 were recovered. Earlier this week, November 16, trustee Mt. Gox Nobuaki Kobayashi said the rehabilitation plan is now final. The victims will receive a large amount of bitcoins, which is likely to happen in the 1st or 2nd quarter of 2022.
Is this really such a big problem for the cryptocurrency market?
200,000 bitcoins is at the current exchange rate of $ 56,000 equal to $ 11.3 billion.
“Naturally, many users will want to sell part of their bitcoins, because at the time of purchase they were mere pennies. Many users then bought bitcoin for $ 200 - $ 300 " Anatoly, Ru-Crypto
It is worth noting that the daily BTC volume is now 10 times higher than it was at its peak in 2017. We can easily absorb a couple of billion in sales spanning several months.
“I expect payments to be smooth throughout the year, which is in line with Trustee Mt. Gox Nobuaki Kobayashi, so as not to significantly affect the market and not bring down the rate with a sharp increase in supply " Anatoly, Ru-Crypto
Bitcoin price reacts to the statements of Mt. Gox
Application for the rehabilitation of Mt. Gox and bitcoin payments to users are already impacting the market. So over the past week, the main cryptocurrency fell from $ 68,848 to $ 55,650, showing a drop of -19.5%.
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