The crypto market is eagerly anticipating the announcement from Mt. Gox regarding the start of payments to creditors. The process of reaching an agreement on payments began in 2018, and a compensation plan was approved in 2021 after a lengthy legal battle. The news of the distribution of bitcoins to lenders has caused a decrease in the value of BTC, leading to a drop in the quotes of other cryptocurrencies in the top 10 by market capitalization.
Concerns have also arisen about the potential impact of exchange clients selling their compensation on the market. Despite this, the price of the main cryptocurrency has shown some recovery. In addition to the Mt. Gox developments, there are broader reasons for the volatility in the crypto market, including an outflow of investment from bitcoin-traded funds and capital losses from regulated crypto funds.
The allocation of 64,697 BTC to individual creditors and another 30,000 BTC to claim funds and participants in a separate bankruptcy is expected. Expert analysis suggests that early adopters of Bitcoin, who historically held it despite bear markets, may receive a significant portion of the compensation. Some analysts predict a decline in Bitcoin’s value in the near future, with expectations of reaching new local minimums in July. Others, however, believe that the current market behavior represents a short-term correction at the beginning of a bull market and advise buying bitcoins during the drawdown.
