A correction in Bitcoin (BTC) and crypto markets is deepening after news that former crypto exchange Mt. Gox is following through with a plan to distribute roughly $9 billion worth of digital assets.
The exchange ultimately recovered most of its coins and has been in a lengthy bankruptcy process paying back its former customers, a large source of uncertainty in the market given the amount of potential sell pressure it could release if it were to sell its BTC to redeem creditors.
Now, in a statement, Mt. Gox says that repayments of BTC and Bitcoin Cash (BCH) will be made from the beginning of July.
“We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and discussion of repayment arrangements with the cryptocurrency exchanges.
We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information. Please wait for a while until the repayments are made.”
Good call I’d say. I always buy the dips if possible. I’ll have another look tomorrow morning.
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Good luck mate ;)
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There’s probably still lots of highly leveraged traders in the bitcoin and crypto markets. The Whales dump their coins in order to liquidate as many as possible.
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Yes, that will always happen, but I think this also has to do with the MT.gox case as it says in the article, we will see what happens in the next few days.
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Fred thinks it’s a massive buying opportunity. He’s probably right imo.
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I just bought, I had to... hahaha
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