Bitcoin (BTC) Price Dumps to Below $60K as Mt. Gox Announces Stolen Asset Distribution Plan

TherepaymentsareexpectedtoaddsellingpressuretotheBitcoinmarket,asearlyinvestorswillreceiveassetsvaluedmuchhigherthantheirinitialinvestmentsmadeovertenyearsago.

Bitcoin’spricedroppedbelow$60,000onMondayafterthedefunctcryptocurrencyexchangeMt.Goxannouncedthatitwillbegindistributingassetsstolenfromclientsduringa2014hackstartinginthefirstweekofJuly.TherepaymentsareexpectedtoaddsellingpressuretotheBitcoinmarket,asearlyinvestorswillreceiveassetsvaluedmuchhigherthantheirinitialinvestmentsmadeovertenyearsago,leadingthemtopotentiallysellaportionoftheirholdingstofinallybookaprofit.Mt.Goxwasoncetheworld’sleadingcryptoexchange,handlingover70%ofallBitcointransactionsinitsearlyyears.In2014,hackersattackedtheexchange,resultinginthelossofanestimated740,000Bitcoin(valuedat$15billionatcurrentprices).TrusteesdevelopedarepaymentplanthathasbeenintheworksforseveralyearsandreceivedanOctober2024deadlinefromaTokyocourtlastyear.InMay,theexchangemovedover140,000BTC,wortharound$9billion,fromcoldwalletstoanunknownaddressin13transactions,markingthefirston-chainwalletmovementsinfiveyears.“TheRehabilitationTrusteehasbeenpreparingtomakerepaymentsinBitcoinandBitcoinCashundertheRehabilitationPlan,”trusteeNobuakiKobayashisaidinastatementpostedontheMt.Goxwebsite.“TherepaymentswillbemadefromthebeginningofJuly2024,”Kobayashiadded,notingthatduediligenceandcertainsafetystepswillberequiredbeforethepaymentsareprocessed.However,someanalystsbelievethatthesellingpressurefromMt.Gox’snewlyannouncedrepaymentscouldbelessthanmarketobserversfear,alleviatingconcernsaboutanimminentselloff.“TheimpactonBitcoin’spricefromMt.GoxdistributingBitcoinislikelyoverblown,”SamCallahan,senioranalystatSwanBitcoin,toldCoinDesk.“CreditorswhowantedtoselltheirBitcoinhavehadmorethan10yearstodosobysellingtheirbankruptcyclaimstomoreconvicted,long-terminvestors.Additionally,mostcreditorswilllikelyholdtheirBitcoinbecausetheircostbasisislessthan$700perBitcoin,”headded.Afterasmallreboundto$62,000,Bitcoin’spricefellbackunder$61,000aftertheU.S.governmenttransferrednearly4,000BTC(worth$240million)toCoinbase,causingfurthermarketjitters.ThismovefollowedasimilaractionbytheGermangovernment,whichtransferred6,500BTCtoexchanges,ofwhich900BTCweresold.Analystsobservedthatthemarketreactionincludedincreasedshortpositionsandclosedlongpositions,suggestingtradersanticipatefurthersupplyenteringthemarket.TheUSgovernment’sBitcoinrelatestoseizuresfromtheSilkRoadmarketplace,whiletheGermangoverment’sBitcoinrelatestoseizuresfromtheMovie2Ktorrentwebsite.Bothwebsiteswereinoperationaroundtenyearsagoormore,aswasMtGox.Thetimingofallthreeeventsiscoincidental,butshowstheimpactthatpasteventscontinuetohaveonthecurrentmarket.Bitcoin’spricedroppedbelowthe$60,000levelonMondayasthedefunctcryptocurrencyexchangeMt.Goxannouncedthatitwillbegindistributingassetsstolenfromclientsduringa2014hackstartinginthefirstweekofJuly.TherepaymentsareexpectedtoaddsellingpressuretotheBitcoinmarket,asearlyinvestorswillreceiveassetsvaluedmuchhigherthantheirinitialinvestmentsmadeovertenyearsago.Mt.Goxwasoncetheworld’sleadingcryptoexchange,handlingover70%ofallBitcointransactionsinitsearlyyears.In2014,hackersattackedtheexchange,resultinginthelossofanestimated740,000Bitcoin(valuedat$15billionatcurrentprices).TrusteesdevelopedarepaymentplanthathasbeenintheworksforseveralyearsandreceivedanOctober2024deadlinefromaTokyocourtlastyear.InMay,theexchangemovedover140,000BTC,wortharound$9billion,fromcoldwalletstoanunknownaddressin13transactions,markingthefirston-chainwalletmovementsinfiveyears.“TheRehabilitationTrusteehasbeenpreparingtomakerepaymentsinBitcoinandBitcoinCashundertheRehabilitationPlan,”trusteeNobuakiKobayashisaidinastatementpostedontheMt.Goxwebsite.“TherepaymentswillbemadefromthebeginningofJuly2024,”Kobayashiadded,notingthatduediligenceandcertainsafetystepswillberequiredbeforethepaymentsareprocessed.However,someanalystsbelievethatthesellingpressurefromMt.Gox’snewlyannouncedrepaymentscouldbelessthanmarketobserversfear,alleviatingconcernsaboutanimminentselloff.“TheimpactonBitcoin’spricefromMt.GoxdistributingBitcoinislikelyoverblown,”SamCallahan,senioranalystatSwanBitcoin,told

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