Mt. Gox Exchange to Start Repaying Investors in Bitcoin and Bitcoin Cash This July

The now-defunct Bitcoin exchange platform Mt. Gox announced this Monday that it will begin repaying clients in July.

Mt. Gox to Begin Repaying Clients in July

The defunct Bitcoin (BTC) exchange platform Mt. Gox announced on Monday that it will start repaying clients in July.

The Rehabilitation Trustee, Attorney-at-Law Nobuaki Kobayashi, has already prepared settlements in Bitcoin and Bitcoin Cash (BCH). The funds will be distributed through crypto exchanges, which the trustee has designated as channels for the exchange and confirmation of the necessary information to carry out the repayments. However, Kobayashi did not disclose the specific exchanges involved.

The trustee stated that it undertook a thorough screening process and implemented several safeguards for the event, ensuring regulatory compliance within the jurisdictions involved.

The announcement brought positive news to the parties affected by the Mt. Gox collapse, but some investors and traders expressed concerns regarding the potential market impact of the repayments.

As pinpointed by K33 Research in April, Mt. Gox will be distributing 142,000 BTC and 143,000 BCH, which were valued at approximately $8.662 billion and $50.765 million, respectively, at the time.

The recipients will reportedly be receiving more than they initially invested in 2013. Given the higher value of the repayments and the current market conditions, this may lead to some investors quickly selling their digital assets.

The event is anticipated to apply selling pressure on Bitcoin and Bitcoin Cash, potentially driving their prices lower.

Bitcoin and Bitcoin Cash Price Snapshot

Bitcoin fell from a 24-hour high of $64,162.37 to a low of $60,853.70 on Monday. It was trading at $61,250 by 3:00 AM UTC. The cryptocurrency experienced a decline of over 4% within the day despite the positive announcement from Mt. Gox’s Rehabilitation Trustee.

At the same time, Bitcoin Cash also faced a loss of 7% within the same time frame, as it hovered around $350. The token began the day at a high of $385.55 before dropping to a low of $347.84.

Crypto Fear and Greed Index

The Crypto Fear and Greed Index, which gauges the overall sentiment in the cryptocurrency market, dialed down to 51 on Monday from a score of 55 the previous day.

The index operates on a scale of 0 to 100, with the highest number indicating “Extreme Greed” and the lowest denoting “Extreme Fear.” The former suggests an impending market correction, while the latter indicates a good buying opportunity.

At this level, the numbers suggest mixed sentiments among traders and investors, warranting caution throughout the trend.

News source：https://www.kdj.com/cryptocurrencies-news/articles/mt-gox-exchange-start-repaying-investors-bitcoin-bitcoin-cash-july.html

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