Analysts at K33 Research warn that the potential return of over $9 billion worth of Mt. Gox-era Bitcoin in the coming weeks could unsettle the market and exert negative price pressure on Bitcoin.
– Creditors of the now-defunct Mt. Gox crypto exchange have shared updates on their claims, indicating that repayments could begin as early as next month.
– The outstanding debt to Mt. Gox’s 127,000 creditors amounts to over $9.4 billion in Bitcoin, $72 million in Bitcoin Cash, and $445.8 million in fiat currency.
– The release of a substantial amount of Bitcoin and Bitcoin Cash could create an “overhang” in the market and potentially impact Bitcoin’s price negatively.
In conclusion, the return of Mt. Gox coins has the potential to significantly impact Bitcoin’s price in the coming weeks, with traders and investors closely monitoring the market for any signs of increased volatility or selling pressure.
