MT. Gox officially repays BTC and BCH debt - Bitcoin price is only around 54,000 USD, 680 million US
July 5, Mt. Gox officially announced the return of BTC and BCH to users, continuing to push market sentiment in a negative direction.
"Ghost" Mt. Gox in recent days has put great pressure on the crypto market, making the community worried about the large amount of assets about to be sold off.
Exactly 10 years since the exchange was hacked in 2014, the trustee of Mt. Gox will refund 142,00 BTC and 143,000 BCH to creditors.
As announced above, the exchange will send via users' accounts on pre-selected exchanges. When receiving BTC and BCH, users have the option to sell them right on the exchange, then hold them or withdraw them to their personal wallets.
Many analysts fear that users will directly sell all the coins they received, pushing more than $8 billion in Bitcoin into the market, causing prices to continue to dump sharply.
On the social network Reddit, some creditors of Mt. Gox said it had received assets back through the Bitbank platform corresponding to the compensation claim previously submitted to the exchange. MT. Gox today transferred 1,544 BTC, equivalent to $84.8 million, to Bitbank.
However, there are also more optimistic comments that these creditors are mostly optimistic BTC whales, so they will choose to continue holding rather than selling at the current price. So Mt. Gox affected the price of BCH more than BTC.
No matter how optimistic analysts are, the market has "sold the news" since the beginning of July. Especially in the past 2 days, July 4 and 5, BTC price lost nearly 10,000 prices, falling to the lowest level of 5 month.
In a 24-hour frame, up to 680 million USD worth of orders were liquidated, with 590 million USD being long orders.
