Mt. Gox, which was once a major player in the cryptocurrency exchange scene, faced a devastating attack in 2014, leading to its collapse. Now, nearly a decade later, the now-defunct exchange will distribute a significant amount of virtual assets, adding around 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH), totaling more than $9 billion, to creditors.
The closure of the payment has raised concerns among market watchers, with K33 Research highlighting the possibility of a negative effect on Bitcoin’s value in a report published on Tuesday.
According to analysts, the entry of Mt. Gox coins into the market may create downward pressure on BTC’s valuation in the coming weeks.
Analysts at K33 Research have highlighted concerns that Mt. Gox’s entry of virtual assets into the market may also put downward pressure on Bitcoin’s value in the coming weeks. While creditors may not liquidate your assets immediately, anticipating payment can also lead investors to be cautious, which can also weaken market sentiment.
Creditors have recently gotten updates on their BTC and BCH claims, indicating that payments could begin faster than expected. This development, coupled with the looming deadline set by Mt. Gox for refunds, has intensified speculation within the crypto community.
Market watchers remain divided on the potential effect of the Mt. While some believe that creditors might choose to hold their funds, others are concerned that the sheer volume of virtual assets entering the market could cause a liquidation. , which will lead to a temporary drop in prices.
Despite the uncertainty surrounding the Mt. Gox payment, the crypto market continues to show resilience in the face of external pressures. However, investors should be cautious and closely monitor developments similar to the distribution procedure to mitigate any negative effects on their portfolios. , especially according to the caution of analysts at K33 Research.
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