The post Mt. Gox Trustee Announces Definitive Date For Bitcoin And BCH Repayments appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has encountered a tumultuous price performance in the past months, struggling to surpass previous record levels. However, the situation may worsen as the trustee overseeing the defunct Bitcoin exchange Mt. Gox has revealed the definitive date for commencing Bitcoin and Bitcoin Cash (BCH) repayments to affected customers.  This announcement has raised concerns about the possible contribution of these customers to the ongoing selling pressure in the BTC market. Mt. Gox Trustee Prepares For Redemption In a recent announcement on June 24, the Mt. Gox trustee and rehabilitation debtor revealed that preparations for Bitcoin and Bitcoin Cash repayments have been underway as part of the Rehabilitation Plan.  With these preparations completed, the trustee will initiate repayments to the cryptocurrency exchanges with which the necessary information has been exchanged and confirmed. Reportedly, the repayment process is set to begin in July 2024.  The trustee claims that it has spent ample time ensuring “safe and reliable repayments” to creditors, including implementing technical measures for secure transactions, complying with financial regulations in various jurisdictions, and discussing repayment arrangements with the cryptocurrency exchanges expected to be involved in the process.  Repayments will be made in order of completion of the exchange and confirmation of the required information with the exchanges involved. Creditors have also been advised to be patient during the repayment process. Sell Or Hold Bitcoin? It is worth noting that a similar price drop occurred in May when news broke about Mt. Gox initiating repayments to affected customers. This development caused the BTC price to plummet from its peak of $70,600 to below the $68,000 level, preventing the cryptocurrency from retesting its all-time high (ATH) of $73,700 in mid-March. The total amount of Bitcoin to be released remains uncertain, with estimates ranging from 142,000 BTC to 200,000 BTC. Additionally, Mt. Gox…

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Filed under: News - @ June 25, 2024 12:26 am