Final Payment Mt. Gox: Potential Impact On The Bitcoin Market

Bittime – Mt. Gox, a crypto exchange that went bankrupt due to a hacker attack in 2011, is in the final stages of the process of returning funds to its creditors. 

The total funds to be returned amount to approximately $9.2 billion in Bitcoin and Bitcoin Cash.

Final Payments and Market Speculation

Recently, Mt. Gox made a final payment of 34,822 BTC to two Bitcoin addresses.

Allegedly, this payment was intended for the BitGo crypto exchange which was appointed as one of the parties responsible for the refund process.

Previously, when the refund plan was announced in July 2023, the market experienced selling pressure due to concerns about the potential for massive sales of Bitcoin by creditors.

However, to date, most creditors have chosen to hold their Bitcoins.

Also Read: Mat1x (MAX) Tokenomics and Its Coin Allocation

Potential Impact On Bitcoin Market

With the final payment about to be completed, the entire refund process of Mt. Gox will end. This will be an important moment to observe the market reaction.

• Optimistic Scenario: If creditors still choose to hold their Bitcoin, this could have a positive impact on the price of Bitcoin by reducing potential selling pressure.

• Pessimistic Scenario: On the other hand, if a large number of creditors decide to sell their Bitcoins simultaneously, it could cause significant selling pressure and potentially lower Bitcoin prices.

Despite initial concerns, Bitcoin's holdout stance by the majority of creditors has so far sent positive signals for the market. However, it is still necessary to monitor further developments to anticipate potential changes in the situation.

Legal and Market Implications of the Mt. Gox

The case of Mt. Gox is not just about financial losses for creditors, but also has broad legal and market implications.

1. Legal Implications

• Legal Precedent: This case could set an important precedent in digital asset regulation. The way this case is handled by Japanese courts could influence policies regarding the security of crypto assets in the future.

• Responsibilities of Related Parties: This refund process involves various parties, including crypto exchanges, guarantors and regulators. This case can test the limits of responsibility of each party in the crypto ecosystem.

2. Market Implications

• Market Stability: Despite initial concerns about a potential massive sell-off of Bitcoin by creditors, the market has so far shown resilience. However, if there is a change in creditors' attitudes, this could impact market volatility.

• Investor Perception: The case of Mt. Gox may affect investors' confidence in the security of crypto exchanges. It is important for the industry to improve safety standards to prevent similar incidents from happening again.

• Regulatory Innovation: This case may encourage the development of a better regulatory framework to protect investors and ensure the security of digital assets.

Also Read: How to Add Sui to MetaMask to Easily Manage Sui Assets

Conclusion

Mt. Gox has reached the final stage, with the final payment of $34,822 BTC made.

Even though there were concerns about selling pressure, the market has so far shown resilience.

Creditor behavior in the coming months will be an important factor in determining the overall impact on Bitcoin prices.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.