A concern of BitcoinInvestors has taken a backseat over the past few weeks and months in the face of macroeconomic headwinds and crypto-intrinsic contagion effects: the release of Mt. Gox’s recovered BTC. Originally, users of what was once the largest Bitcoin exchange were supposed to register their claims by January 10, 2023. Payouts were to begin shortly thereafter, it said in an October statement.
However, the date has already been postponed numerous times. And as a document released today by rehabilitation administrator Nobuaki Kobayashi shows, Mt. Gox applicants must continue to be patient. The deadline for selecting and registering the repayment method is postponed from January 10, 2023 to March 10, 2023 (Japan time) to “take into account various circumstances such as: B. the progress of rehabilitation creditors in selection and registration”.
The document further states that after this date, Kobayashi will begin confirming registrations “in order to make the repayment as soon as possible after March 10, 2023.” Following this change, Kobayashi also changed the base repayment period, the lump sum early repayment period and the interim repayment period from July 31, 2023 to September 30, 2023.
Is the Bitcoin price about to dump?
According to the rehabilitation plan, victims of the Mt. Gox hack will be reimbursed a total of 141,686 bitcoin (BTC), equivalent to about $2.37 billion. Because of this, concerns about a massive price drop in the crypto space have been circulating for some time. The question is whether the Mt. Gox bitcoin situation will push the price into heavy losses again.
In view of the facts, however, this does not seem very likely. There is a lot of misinformation circulating on Twitter. But the fact is that Bitcoin is not thrown onto the market all at once.
Not all Mt. Gox customers are likely to sell their bitcoins, although customers can reap tremendously high returns if they are already involuntarily holding them. In addition, Kobayashi will not release all bitcoins at once, but the whole process will take several months – according to the current schedule from March to the end of September.
And even if a large chunk of BTC is dumped, there’s a good chance the market will be able to handle the extra liquidity with ease. The impact is likely to be small as daily trading volume would still be enough to cushion the selling, even at the all-time low of around $15 billion.
Bitcoin price today
At press time, BTC is trading at $16,739 and struggling with support at $16,740. Ideally, bitcoin price needs to sustain above $16,600 to avoid a slide below $16,000 and maintain bullish momentum. If successful, a move higher towards $17,000 could be possible where the next important one Resistance waits.
Bitcoin price (BTC/USD) 1 hour chart Featured image by Zipmex, chart by TradingView.com
Source: Crypto News Deutsch