Defunct crypto exchange Mt. Gox is about to return $9B worth of Bitcoin
Defunct Mt. Gox to return 140,000 Bitcoin to 2014 hack victims, raising concerns of price impact. Experts foresee positive long-term trends for Bitcoin despite potential short-term downward pressure from creditor selling.
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Defunct crypto exchange Mt. Gox is set to return over 140,000 Bitcoin, valued at $9 billion, to victims of a 2014 hack. This move has raised concerns among investors about its potential impact on Bitcoin's price, with fears of downward pressure in July due to potential selling by Mt. Gox creditors. Despite short-term negative expectations, experts like Matt Hougan from Bitwise Asset Management believe in positive long-term trends for Bitcoin. Hougan sees the current situation as an opportunity and anticipates Bitcoin's price to rise as the US election and fall buying season approach. Mt. Gox, once the largest Bitcoin exchange, faced significant hacks in 2011 and 2014, resulting in substantial losses. The exchange declared bankruptcy in 2014, leaving creditors waiting for repayment. Mt. Gox's recent actions aim to distribute assets back to creditors by October 31, 2024. Bitcoin's price currently hovers around $62,000, showing resilience despite recent challenges.
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