Bitcoin once fell below $61,000 after hearing the news! Mt.Gox will repay 140,000 BTC starting next month

**Ten years after bankruptcy, Mt. Gox victims finally received compensation: 140,000 Bitcoins returned, but the market is under pressure** After ten years of turmoil, the Japanese cryptocurrency exchange Mt. Gox, which went bankrupt due to a hacker attack in 2014, finally ushered in the dawn of bankruptcy and reorganization. After a lengthy legal process and multiple delays, victims who suffered losses are finally set to recover 140,000 Bitcoins worth more than $8.5 billion starting in July. However, this news is negative for the cryptocurrency market. Bitcoin prices plummeted on the news, falling below $62,000, sparking market concerns. Industry analysts pointed out that the return of Bitcoin from Mt. Gox victims will bring certain selling pressure and have a certain impact on short-term market trends.

Earlier reports stated that Mt. Gox’s cold wallet transferred 140,000 Bitcoins to an unknown address through multiple transactions on May 28 after being shelved for more than 5 years. [tag]suspected[/tag] in preparation Pay off creditors. This speculation was confirmed today (24th).

**Mt.Gox bankruptcy trustee announces launch of customer repayment process** The Mt.Gox bankruptcy trustee made an announcement on Monday announcing that it expects to begin repaying customers in Bitcoin (BTC) and Bitcoin Cash (BCH) in [the first week of July]. The trustee stated that all necessary preparations have been completed and the next step will be to initiate reimbursement procedures to cryptocurrency exchanges in accordance with the requirements of the [Recovery Plan].

The trustee has actively promoted the debt repayment plan and completed the confirmation and exchange of necessary information with relevant exchanges to ensure the safety and compliance of repayment. Debt repayments will be completed sequentially according to the order of exchange information exchange.

**Impact of Mt.Gox Liquidation Plan on Cryptocurrency Market** It is reported that Mt. Gox plans to repay approximately 142,000 Bitcoins and 143,000 Bitcoin Cash to creditors. Market experts generally believe that this move will have a profound impact on the cryptocurrency market. **Heavy selling by creditors could trigger market decline** The creditors each lost their cryptocurrency holdings about 10 years ago. Cryptocurrency prices have increased significantly over the past few years. Now that creditors finally have their assets back, they will likely sell off at least some of them. If the selling volume is large, it will put downward pressure on cryptocurrency prices, causing the market to move lower. **Key Takeaways** * Mt.Gox plans to pay back large amounts of Bitcoin and Bitcoin Cash to creditors. * Creditors may sell off assets, causing markets to fall. *The amount of selling will determine the severity of the market impact.

According to [CoinGecko] data, after the Mt. Gox bankruptcy announcement, the price of Bitcoin instantly plummeted from above $62,400 to $61,064 and has now fallen to $61,278, down 4.8% in the past 24 hours. The price action highlights the volatile and news-sensitive nature of the cryptocurrency market.

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