The cryptocurrency market is commencing the week on a positive note following a period of stability. However, the standout moment was the resurgence of Bitcoin, as it surpassed the $63 mark once again.
That being said, there is still a sense of caution amongst cryptocurrency traders. This is due to an upcoming event that could potentially disrupt the Bitcoin price and create turmoil within the market.
Specifically, traders are concerned about a major liquidation event involving the defunct exchange, Mt. Gox. The exchange is set to distribute recovered tokens to its creditors this week, which has led to apprehension within the trading community.
According to a recent report, Mt. Gox will begin distributing Bitcoin payments to its creditors, with approximately $9 billion worth of Bitcoin needing to be paid at current prices.
At the time of writing, the Bitcoin price is quoted at $62,768.87, representing a 2.1% increase in the past 24 hours. Furthermore, the trading volume has seen a significant surge, indicating a recent spike in market activity.
In another development, Mt. Gox is expected to start distributing Bitcoin (BTC) and Bitcoin Cash (BCH) payments next month. A notice released by rehabilitation curator Nobuaki Kobayashi stated that preparations are underway to make these payments under the Rehabilitation Plan, with the distribution set to begin in early July 2024.
It is important to note that the information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Mt. Gox will distribute $9 billion in Bitcoin; Payments in BTC and BCH will start in July
Bitcoin price returns to $61, but dominance index reaches its lowest level since January.