Bankrupt Mt.Gox will not cause bitcoin price crash

Nearly a decade ago, the first cryptocurrencies trading platform, Mt. Gox, bankrupt. Back then there wasand only Bitcoin (BTC) and Bitcoin Cash (BCH) yet, the bankruptcy had a huge impact that has its aftermath even today. Victims should finally be compensated soon, but critics say that could cause a huge crash. This turns out not to be true.

mt. Gox is going to refund bitcoins

The company went bankrupt when it lost a large portion of users’ funds to hackers. This created a crypto version of a bank runafter which the exchange filed for bankruptcy.

But that already happened in 2014, while victims still do not have their money back. That will soon change, because those responsible want to repay the tokenholders. Unfortunately would they do not receive bitcoins, but dollars. In 2014, BTC was worth a lot less than it is now.

In addition, earlier it appeared that the refund would be in dollars and not in the two cryptocurrencies, but this turns out to be wrong. You just get paid in BTC and BCH. That saves a lot of money, because in 2014 bitcoin was still worth about 500 euros per coin.

on July 6 became known that the lawyer in charge of distributing the funds, Nobuaki Kobayashi, plans to do so soon. Unfortunately, he did not give an exact date. In May, the news went that the bitcoins can best be absorbed by the market, but opinions are now divided on that. It would be about 137,000 BTC, which is currently worth almost 2.8 billion euros (and dollars).

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No bitcoin crash through Mt. gox

On many social media there is panic by means of the upcoming distribution, but some Twitterers emphasize that this is not so necessary. The daily volume of bitcoin is already estimated at 20 to 30 billion dollars. In addition, de coins not in one go distributedbut in parts.

dat, Eric Wall claims on Twitter. He is one of the creditors of Mt. Gox, and the sheer volume of legal documents shows that he has more factual knowledge. The former exchange is not ready to distribute the tokens yet, and it won’t be in two weeks, according to Wall. You can’t even register at which exchange you want to receive your tokens.

The exchange also sends the coins in phases. According to Wall, victims who get a part back do not have to worry that the price will fall sharply due to distribution. The process takes too long for that.

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