Mt. Gox Payout: How This Affects BTC
- PHPzOriginal
- 2024-06-28 12:28:081090browse
The Mt. Gox payout is finally happening and it could result in the price of Bitcoin (BTC-USD) falling in July.
The long-awaited Mt. Gox payout is finally set to begin in July, and it could have a major impact on the price of Bitcoin (BTC-USD).
The failed cryptocurrency exchange has been working on a payout plan for over 10 years, after funds were stolen from its exchange in 2014. Now, it’s ready to do so with these repayments kicking off next month.
Mt. Gox Payout Details
Mt. Gox will include 142,000 BTC, 143,000 Bitcoin Cash (BCH-USD) and 69 billion Japanese yen in the payout. This will see the exchange transferring more than $9 billion to affected users.
The exchange will also pull 140,000 tokens out of cold accounts to assist with paying back users. Some traders are worried that this will result in the price of Bitcoin falling alongside the payout.
While that may be a negative for BTC in the short term, it’s sure to help bring closure to those investors who were affected by the Mt. Gox hack.
Investors will note that BTC is currently trading for about $61,784 per token. The crypto is up 1.3% as of this writing alongside a similar jump in its trading volume today.
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