{"id":1473009,"date":"2024-06-24T12:31:49","date_gmt":"2024-06-24T16:31:49","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1473009"},"modified":"2024-06-24T12:31:49","modified_gmt":"2024-06-24T16:31:49","slug":"bitcoin-crashes-below-61000-ahead-of-imminent-mt-gox-repayments","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bitcoin-crashes-below-61000-ahead-of-imminent-mt-gox-repayments\/1473009\/","title":{"rendered":"Bitcoin Crashes Below $61,000 Ahead Of Imminent Mt.Gox Repayments"},"content":{"rendered":"

Bitcoin Crashes Below $61,000 Ahead Of Imminent Mt.Gox Repayments<\/span><\/p>\n

\n

Bitcoin prices plunged overnight after now-defunct\u00a0Bitcoin exchange\u00a0Mt. Gox said it would begin distributing assets stolen from clients in a 2014 hack starting in July<\/strong>, after years of postponed deadlines.<\/p>\n

“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” trustee Nobuaki Kobayashi said in a statement posted on the Mt. Gox\u00a0website today.<\/a><\/em><\/p>\n

“The repayments will be made from the beginning of July 2024,” <\/strong>Kobayashi\u00a0added,<\/a>\u00a0noting due diligence and safety steps are still required.<\/em><\/p>\n

<\/a><\/p>\n

The statement sent BTC down to a $60,000 handle as market participants fear the release – after ten years – of the proceeds will lead to an imminent sell-off in BTC and BCH…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…its lowest in six weeks…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

As BitcoinMagazine.com reminds readers<\/a>, Mt. Gox was once the world’s largest Bitcoin exchange, handling over 70% of all Bitcoin transactions in its early years. <\/strong><\/p>\n

In 2014, hackers stole around 740,000 bitcoin, worth $15 billion today, in one of many attacks on the exchange from 2010-2013.<\/p>\n

After declaring bankruptcy in 2014,\u00a0Mt. Gox<\/a>\u00a0has faced numerous delays in repaying victims.<\/p>\n

Last year, the Tokyo court set an October 2024 deadline for the exchange’s civil rehabilitation plan.<\/p>\n

<\/a><\/p>\n

In May, Mt. Gox moved over 140,000 BTC, worth around $9 billion, from cold wallets for the first time in five years. <\/strong>The transactions were likely preparations for repayments.<\/p>\n

<\/a><\/p>\n

Additionally, last year, as Decrypt reports,<\/a> it was revealed that the deadline to repay investors had been pushed back to October 2024.<\/p>\n

This means the entire reimbursement process can potentially take up to 4 months<\/strong>.<\/p>\n

This implied supply shock (from Mt.Gox) comes after six straight days of net outflows from Bitcoin ETFs…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

And recent weakness has pushed crypto sentiment back near 2024 lows…<\/p>\n

<\/a><\/p>\n

Crypto Fear & Greed Index (screenshot). Source: Alternative.me<\/em><\/p>\n

\u201cThe crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate,\u201d it\u00a0commented<\/a>\u00a0on X on June 20.<\/em><\/p>\n

\u201cBTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient.\u201d<\/strong><\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 06\/24\/2024 – 08:31<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/crypto\/bitcoin-crashes-below-61000-ahead-imminent-mtgox-repayments<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Crashes Below $61,000 Ahead Of Imminent Mt.Gox Repayments Bitcoin prices plunged overnight after now-defunct\u00a0Bitcoin exchange\u00a0Mt. Gox said it would begin distributing assets stolen from…<\/p>\n","protected":false},"author":0,"featured_media":1473010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1473009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1473009"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473009\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1473010"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1473009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1473009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1473009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}