Bitcoin Cash

Reddit

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The Bitcoin (BTC) price slipped below the $66,000 mark earlier this Thursday after a significant number of Mt. Gox users <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1eac21h/kraken_btc_arrived/">stated</a> that they had received their repayments on the Kraken exchange.
"Congrats to everyone, we finally made it after 10 years," a user said in a Reddit comment. "Just received mine too. An end of an era guys! A day I never thought would come," another user wrote.&nbsp;
Overall a Reddit post about repayments appearing on the Kraken exchange now has nearly 100 comments.&nbsp;
Following the downfall of Mt. Gox in early 2014, Kraken was selected in order to oversee the distribution of the remaining assets of the leading exchange.
Earlier this July, <a href="https://u.today/kraken-v-sec-whats-new-in-legal-saga">Kraken</a> confirmed that it had received creditor funds from Mt. Gox’s rehabilitation trustee. The exchange said that it would take up to two weeks for clients to receive their funds.&nbsp;
Last June, Mt. Gox spooked the cryptocurrency market by announcing the start of repayments. The long-simmering payout fears pushed Bitcoin to the $53,000 level in early July.&nbsp;
Even though the largest cryptocurrency has managed to recover in a relatively short span of time, Mt. Gox repayments remain a major headwind for the market given that a substantial share of creditors might be tempted to liquidate their holdings after recording substantial price gains.&nbsp;
Overall, there were more than 20,000 individual Mt. Gox creditors. Notably, most of them have already secured repayments. According to&nbsp;<a href="https://www.forbes.com/sites/digital-assets/2024/06/24/mtgox-9-billion-payout-is-creditors-gain-but-bitcoins-pain/">Forbes</a>, Blockstream founder Adam Back as well as Bitcoin Cash promoter Roger Ver are among these creditors.&nbsp;
Despite stunningly high ETF inflows, Mt. Gox repayments will likely remain a major bearish factor in the near future.&nbsp;
Bitcoin is currently trading at $65,978 on the Bitstamp exchange.&nbsp;

Bitcoin (BTC) Price Slips as Mt. Gox Repayments Pick Up Steam

U_Today

Other articles published on Jul 23, 2024

Bitcoin layer-2 startup Bitlayer raises $11m

BlackRock Bitcoin ETF Sees $0.5 Billion Inflow, IBIT Share Jumps

Nansen launches industry-first Ether ETF analytics dashboard

ANTMINER S21 Imm. Offers Cutting-Edge Performance and Efficiency

FLOKI Price Hits Monthly High, Triggers Profit Taking

XRP Gains 1.76% as Ripple and SEC Discuss Settlement Terms

Join our free newsletter for daily crypto updates!