Bitcoin Prices Fall as Mt. Gox Repayment Begins

IconCryptoNewsTerminal Staff03 Jul, 2024

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Bitcoin Prices Fall as Mt. Gox Repayment Begins

Mt. Gox's repayment to creditors has begun and the bitcoin price has dropped below $60,000. Analysts believe this is due to the repayment of Mt. Gox's $9 billion claim for damages. Mt. Gox plans to repay a total of 142,000 BTC, 143,000 BCH, and 69 billion yen to creditors. Creditors had to decide by July whether to receive a one-time payment of approximately 90% of the amount (in kind) to be repaid by March 10th of last year, and it is estimated that 75% of creditors accepted the proposal. With the $60,000 support line collapsing, the possibility of a longer adjustment period for Bitcoin has increased.

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