Bitcoin dips below $61k, following Mt.Gox repayment announcement: Bull run over?

On Jun 24, 2024

The trade price of Bitcoin crashed to $60.5k, as the defunct Bitcoin exchange Mt.Gox announced the completion of the necessary steps required before the repayment process.

Mt.Gox was once the largest Bitcoin exchange globally, handling a significant portion of Bitcoin transactions. However, it infamously collapsed in 2014 after losing hundreds of thousands of Bitcoins belonging to its users. The incident highlighted significant security vulnerabilities in cryptocurrency exchanges and had a lasting impact on the perception of Bitcoin’s security and regulation in the industry.

On 24 June 2024, Mt.Gox trustee announced that Bitcoin (BTC) and Bitcoin Cash (BCH) distributions will commence in July 2024, signalling a potential resolution for thousands of affected users.

#MtGox will begin repaying creditors in #BTC and BCH starting July 2024, with preparations and regulatory measures in place. Specific details will follow as exchanges finalize transactions and verifications.

Here is the official annnoucment: https://t.co/3FT43ZZS2L
— Bitcoinik (@Bitcoinikdotcom) June 24, 2024

The plan involves initiating repayments in Bitcoin and Bitcoin Cash gradually, beginning once exchanges confirm the necessary details. Approximately 127,000 creditors are owed more than $9.4 billion worth of Bitcoin. The repayment process will prioritise exchanges based on their readiness.

After Mt.Gox’s collapse in 2014, where over 850,000 Bitcoins were lost due to undetected hacks, the Mt.Gox trustee oversaw the bankruptcy proceedings and it seems that they are now almost ready to release payment from the next month.

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However, this is very good news for the Mt.gox creditors but not for the Bitcoin & Crypto market because the sell pressure in the market surged rapidly following this announcement.

Bitcoin price action

The current trade price of Bitcoin (BTC) is $60,967 which is nearly 5% down over the last 24 hours.

Bitcoin dips below $61k, following Mt.Gox repayment announcement: Bull run over? 1

According to Crypto experts, there is a possibility that the trade price of Bitcoin could plummet below $60,000. In such a scenario, individuals may face a challenging decision: whether to view it as an opportunity to accumulate Bitcoin or to wait for further correction to get more discount.