MT. Gox begins repaying BTC and BCH debt in July 2024, Bitcoin falls to 60,600 USD

Another blow to the weak market at the beginning of the week of June 24 was the Mt. Gox is preparing to repay Bitcoin and Bitcoin Cash debt to users in early July.


On the afternoon of June 24, 2024 (Vietnam time), crypto news aggregator Tree News quoted Bloomberg as saying Mt. Gox is about to repay Bitcoin and Bitcoin Cash in early July.
MT. Gox To Distribute Bitcoin, Bitcoin Cash Repayments Starting Starting Of July 2024: Notice pic.twitter.com/8PXJiiLFQF— Tree News (@News_Of_Alpha) June 24, 2024
This move is not too surprising but is something the market will have to face sooner or later. The signals have been there since May when Mt. Gox transferred all $9.6 billion in Bitcoin to the new address, according to the former CEO at the time to serve the distribution process.
As reported in September 2023, the exchange's previous trustee announced that creditors would be refunded 142,000 Bitcoin and 143,000 Bitcoin Cash, as well as fiat currency totaling 69 billion Japanese yen ( 510 million USD) before October 2024.

Part of the Japanese yen was returned on April 23, so the next refund will be in BTC and BCH. The exchange's remittance inventory activity is accelerated, so users will be able to receive their assets back early in July, not in October as scheduled.

This news is like a "double kill" on the market that declined on the first day of the week. BTC price is currently trading around 60,800 USD, showing no recovery momentum because the price chart has created a double peak model, which is predicted to most likely drop to 50,000 USD.
BCH recorded a 9% decrease in the past 24 hours, currently fluctuating around 354 USD after "pulling back" at 345 USD.

Since this news spread, in just the past hour, 105.6 million USD worth of orders were liquidated, of which 98% were long orders, according to CoinGlass.