The Mt. Gox payout is 140,000 BTC
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The Mount Gox The payout is finally happening and there could be a price drop Bitcoin (BTC USD) falls in July.
Mt. Gox has been working on a withdrawal plan to return funds stolen from its exchange over 10 years ago. Repayments are scheduled to begin next month and are ready to do so.
Mt. Gox notes that the withdrawal will be 142,000 BTC, which is 143,000 Bitcoin cash (BCH-USD) and 69 billion Japanese yen. This will see the exchange transfer more than $9 billion to affected users.
When the Mt. Gox payout begins, markets could be flooded with additional Bitcoins. This is because 140,000 tokens were withdrawn from cold accounts to make it easier for users to repay.
Some traders fear that this will cause the price of Bitcoin to drop with withdrawals. While this may be a short-term negative for BTC, it will certainly help bring closure to investors who were affected by the Mt. Gox hack more than a decade ago.
Investors will note that BTC is currently trading for around $61,784 per token. The cryptocurrency is up 1.3% at the time of writing, alongside a similar increase in trading volume today.
There are many other crypto stories traders may want to read about below!
On Thursday we have the latest crypto news ready for you. A few examples of this include several recommendations to buy cryptos and stay away from now. You can read all about this at the links below!
At the time of publication, William White did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2024/06/mt-gox-payout-2024-a-rush-of-bitcoin-payments-could-tank-btc-in-july/.
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