On August 21, 2024, Mt. Gox announced that it has completed the repayment to 19,000 creditors by returning BTC and BCH, while another 5,000 do not yet meet the conditions for repayment. This means that the repayment work of Mt. Gox is nearing its end and is currently on hold.
Ten years ago, the Mt. Gox exchange encountered a shocking theft incident that led to a massive sell-off of BTC by holders at the time due to security concerns, causing the price to plummet to its lowest point. At the end of June this year, Mt. Gox announced that it would gradually repay BTC or BCH to creditors starting in July, which led to a significant drop in Bitcoin at the end of June. After all, Bitcoin equivalent to 0.7% of the market circulation is returning to investors’ hands after 10 years, and a considerable number of investors may want to sell immediately to ensure the safety of their funds, thus exerting significant selling pressure on the market. At that time, some observers were optimistic, believing that Mt. Gox had previously announced the start of the repayment process several times but had not made progress, and this time might not be implemented. However, unfortunately, this time, Mt. Gox really repaid the creditors as planned. The continuous repayment work has had a significant impact on the price of BTC, as people are afraid that creditors will be eager to sell after getting back the BTC and are not willing to buy BTC easily. Now that Mt. Gox has announced that the repayment work is basically completed, this may be good news for BTC.
At present, the price of BTC has been hovering around 60,000 US dollars for nearly two weeks, which has put a lot of pressure on BTC miners. When will the rebound come? Michael Saylor, CEO of MSTR, said on social media on August 20: “By my calculations, bitcoin is going up forever.” Morgan Stanley and other institutions have also increased their holdings of BTC. Perhaps, the bubble has faded, and the rebound is really coming.
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