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The defunct trading platform “Mt. Gox Announces an Important Update Regarding the Payment Process… Will This Affect the Crypto Market?

The defunct trading platform “Mt. Gox Announces an Important Update Regarding the Payment Process… Will This Affect the Crypto Market?

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Answer The defunct trading platform “Mt. Gox Announces an Important Update Regarding the Payment Process… Will This Affect the Crypto Market?

Introduced the defunct cryptocurrency exchange “Mt Gox” update A new rehabilitation plan regarding the payment procedures for users affected by the hack that occurred earlier in the platform and which led to its bankruptcy.

According to the document, the Rehabilitation Trustee is currently preparing to carry out the repayments according to the plan approved by the Tokyo District Court on November 16, 2021.

How will the cryptocurrency market react?

After posting updated information from “Mt. Gox”, the opinions of participants in the crypto market are divided.

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Many believe that this is an additional factor to put pressure on cryptocurrency prices, which are already at their lowest levels.

While not many see a problem with this, and argue that the market has already successfully absorbed large amounts of incremental Bitcoin payments before, given the current Bitcoin price drop, absorbing the estimated recovery volume of around 140,000 BTC would not require much cash. .

It should be noted that in November 2021, when news emerged that the stolen bitcoin had been returned and distributed to its owners, the price of the coin fell by 10% in five days, but then the price of bitcoin reached its peak at $65,000.

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It may be too early to draw definitive conclusions, so anything can be expected.

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