A decade after the Mt. Gox meltdown, Bitcoin repayment to creditors has kicked off, causing apocalyptic dumping in crypto.
Mt. Gox trustee Nobuaki Kobayashi says the process is rolling through select crypto exchanges, but only if you meet certain conditions.
“Repayments will be promptly made if certain conditions are met,” Trustee Kobayashi highlighted.
Approved exchanges like Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade are handling the paybacks. However, depending on the exchange, some might wait up to three months.
All of this news has the market absolutely spooked, rekt, and people in an unironical 50k waiting room for Bitcoin. It ain’t good.
Mt Gox Dump: Market Reaction and Price Movements
News of Mt. Gox’s repayment, or in the technical term: moving 47,228 BTC, worth $2.7 billion, from cold storage, jolted Bitcoin prices down to $53,898 before rebounding to $55,496.
Mt. Gox, once the Coinbase of crypto, crumbled in 2014 after severe security breaches.
It was founded in 2010 and was a major BTC player until the hack.
This news, coinciding with Germany selling all of its Bitcoin, is causing Bitcoin to have its worst close post-halving.
Close to Worst Post-Halving Performance for Bitcoin
With Mt. Gox firing up repayments, Bitcoin’s price is on shaky ground.
As it stands, this is the WORST day 76 post-halving of any cycle. We are down to 89% of halving price, Vs. 91% in the previous worst cycle.
Either this is close to the bottom, or we will go into unprecedented pain.
Most likely this is because Bitcoin already pumped before the halving because of the ETFs.
If we are to get out of this spell, as we’ve written about here at length, Bitcoin breaks all-time highs 8-12 months after halving. That’s what always happens and we expect it again.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
