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- Japanese Bitcoin exchange, Mt. Gox, is set to release a significant amount of Bitcoin (BTC) and Bitcoin Cash (BCH) into the market.
- This move could potentially impact the price of these cryptocurrencies, given the substantial volume involved.
- The release is part of the ongoing bankruptcy proceedings of the once-dominant Bitcoin exchange.
Japanese Bitcoin exchange, Mt. Gox, is set to release a substantial amount of Bitcoin and Bitcoin Cash into the market, potentially impacting prices. This is part of the exchange’s ongoing bankruptcy proceedings.
Mt. Gox’s Planned Release of Cryptocurrencies
Mt. Gox, once the world’s largest Bitcoin exchange, is preparing to release around 142,000 BTC and 143,000 BCH into the market. This move is part of the exchange’s ongoing bankruptcy proceedings, following its infamous hack in 2014 where it lost 850,000 BTC, valued at around $450 million at the time.
Potential Impact on Bitcoin and Bitcoin Cash Prices
The release of such a substantial amount of Bitcoin and Bitcoin Cash could potentially impact the prices of these cryptocurrencies. The market’s response to this influx of supply will be closely watched by investors and traders worldwide. However, it’s important to note that the exact impact is hard to predict, given the complex dynamics of cryptocurrency markets.
When is the Release Expected?
While the exact date of the release is yet to be confirmed, it is expected to happen soon. The release is part of the final distribution plan of Mt. Gox’s bankruptcy proceedings, which has been in progress for several years. The plan was approved by the Tokyo District Court in October 2021, paving the way for the release of the remaining cryptocurrencies.
Conclusion
The impending release of a significant amount of Bitcoin and Bitcoin Cash by Mt. Gox could have potential implications for the cryptocurrency market. While the exact impact is hard to predict, this development is a reminder of the ongoing influence of Mt. Gox’s bankruptcy proceedings on the cryptocurrency market. Investors and traders will be closely watching the market’s response to this substantial influx of supply.