Bitrabo Editorial
After a prolonged wait, the Mt. Gox repayment process has started, bringing relief to some creditors. On July 5, Mt. Gox creditors began receiving Bitcoin (BTC) and Bitcoin Cash (BCH) in their accounts, leading to concerns among crypto investors about potential market effects.
Reimbursements Begin, Japanese Creditors First
A decade after Mt. Gox’s collapse, affected users are finally receiving repayments for their losses. Mark Karpelès, the ex-CEO, expressed his joy through a post as the payout procedure initiated.
The Rehabilitation Trustee, Nobuaki Kobayashi, announced on July 5 that repayments in BTC and BCH had been distributed to certain creditors via designated crypto exchanges following the Rehabilitation Plan.
Reports indicate that Japanese creditors have already received their Bitcoin and Bitcoin Cash in full, with some users confirming exact amounts matching the Mt. Gox table in their BitBank accounts.
Investors Concerned Amid Bitcoin Price Fluctuations
As the news of repayments spread, crypto investors grew anxious about Bitcoin’s price dynamics. Fear of a potential market downturn due to creditors selling off their tokens looms despite assurances that many intend to hold onto their Bitcoin.
While some creditors plan to profit from their tokens immediately, concerns arise regarding the impact of a mass sell-off on the market. Suggestions have been made for the payout to be staggered to mitigate any significant market shifts.
With Bitcoin’s price experiencing fluctuations, uncertainties prevail, especially for creditors awaiting their tokens. The disparity in access to BTC and BCH between Japanese and other exchange users adds to the unease, potentially affecting market stability for late receivers.
Amidst these developments, the crypto community’s sentiment leans bearish following Bitcoin’s recent price dip. Currently, BTC is valued at $55,520 after a 2.5% decrease in the past 24 hours.