In the face of macroeconomic headwinds, crypto-intrinsic contagion effects and macroeconomic headwinds, one concern that Bitcoin investors have had to deal with in recent weeks and month has been the release of BTC from Mt Gox. Users of the once-largest Bitcoin exchange were required to file claims by January 10, 2023. An October statement stated that payouts were expected to begin within a few days.
But the deadline has been repeatedly extended. The deadline was extended countless times. document Nobuaki Kojibayashi, rehabilitation trustee released Mt. The rehabilitation trustee Nobuaki Kobayashi released Mt. The deadline for repayment method selection and registration is postponed from January 10, 2023, to March 10, 2023 (Japan time) to “take into account various circumstances, such as the progress of rehabilitation creditors in terms of selection and registration.”
The document goes on to say that after that date, Kobayashi will begin confirming registrations “in order to make the repayment as soon as possible after March 10, 2023.” Following this change, Kobayashi has also changed the base repayment deadline, early lump-sum repayment deadline, and intermediate repayment deadline from July 31, 2023, to September 30, 2023.
Is the Bitcoin price facing a price dump?
The rehabilitation plan states that victims of the Mt. The rehabilitation plan will reimburse victims of the Mt. There have been concerns for some time about a sudden drop in cryptocurrency prices. Is it possible that the Mt. The Gox Bitcoin situation could push the price further into losses.
However, it doesn’t seem likely based on the facts. Twitter is abuzz with false information. Bitcoin won’t be dumped onto the market in a hurry, however.
Mt. Gox’s customers are likely to sell their Bitcoins, although customers may enjoy enormously high returns by already holding them involuntarily. Moreover, Kobayashi will not release all Bitcoins at once, rather the whole process will take several months – from March to the end of September according to the current schedule.
Even if large amounts of BTC are dumped, it’s very likely that the market will be able to handle the extra liquidity. Even at the historic low of $15 Billion, the daily trading volume will still be adequate to offset the selling.
Bitcoin price today
BTC was trading at $16,739 at press time and struggling to hold support at $16,740. To avoid a drop below $16,000 and to maintain the upside momentum, Bitcoin must trade above $16,600. A move to the upside towards $17,000 is possible if this happens. The next major resistance is still waiting.
Featured image by Zipmex, Chart at TradingView.com