Mt. Gox is about to unload $9 billion of coins onto the market.

In a few days, bankrupt Tokyo-based bitcoin exchange, Mt. Gox, will begin paying back thousands of users roughly $9 billion worth of tokens.

The payout comes more than 10 years after the platform went under following a series of heists that cost the exchange up to 950,000 bitcoin.

The payout follows a protracted bankruptcy process that’s involved multiple delays and legal challenges.

On Monday, the court-appointed trustee overseeing the exchange’s bankruptcy proceedings saiddistributions to the firm’s roughly 20,000 creditors would begin in early July. Disbursements will be in a mix of bitcoin and bitcoin cash, an early offshoot of the original cryptocurrency.

While this is good news for victims of the hack who have spent years waiting to be made whole, the price of bitcoin slid to $59k last week, in the crypto market’s second worst decline of the year.

Tom lee mentioned that this will be a bullcase for the bitcoin market and the price of bitcoin could reach $150k by end of this year.

What do you think will be the effect from Mt. Gox unloading?

Mt. Gox is about to unload $9 billion of coins onto the market.

$MicroStrategy(MSTR.US)$ $Coinbase(COIN.US)$ $iShares Bitcoin Trust(IBIT.US)$ $Grayscale Bitcoin Trust(GBTC.US)$ $Valkyrie Bitcoin Fund(BRRR.US)$ $VanEck Bitcoin Trust(HODL.US)$ $ARK 21Shares Bitcoin ETF(ARKB.US)$ $Iris Energy(IREN.US)$ $CleanSpark(CLSK.US)$ $Riot Platforms(RIOT.US)$

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

Translate

Report

10K Views

Comment

World Peace 6 : 590000？

Report
Reply

Cancel Reply

Brianjh

Moo Contributor

Posting Weekly in 2024: (sorry if delayed post)-busy! - Investing/ Finance /Economics Road to Hedge Fund!!! Trend📈

1212Followers

34Following

3175Visitors