Mt. Gox to repay $9.5 billion in BTC and 143,000 BCH, causing selling pressure on market.

From Investing.com: 2024-07-08 11:28:25

Fears of selling pressure affecting BTC and BCH prices due to Mt. Gox estate redemptions are validated by Kaixo Research. Mt. Gox to return $9.5 billion in BTC and 143,000 BCH ($73 million) to customers, causing market uncertainty about potential sell-offs. BCH liquidity impacted with notable slippage on exchanges, notably Itbit and Bybit.

Selling pressure on BCH intensified on Binance and OKX before the official announcement, leading to executed sell orders around 9 am UTC. Liquidity issues observed across exchanges following Mt. Gox repayment news, with slippage levels significantly rising on Bybit and Itbit on July 5.

Mt. Gox, once a dominant crypto exchange, declared bankruptcy in 2014 after a hack that resulted in the loss of 740,000 Bitcoins. Repayment announcement triggers selling pressure on Bitcoin and crypto market, pushing Bitcoin to lowest point in five months. Over $580 million in bullish bets liquidated due to market decline.

Selected exchanges like Bitbank, BitGo, Bitstamp, Kraken, and SBI VC Trade authorized to process Mt. Gox repayments. Strong selling pressure linked to repayment event causes notable liquidity issues across crypto market. Loss of 740,000 Bitcoins in 2014 hack led to Mt. Gox bankruptcy, reverberating in current market scenarios.

Read more at Investing.com: Bitcoin Cash price under selling pressure as Mt. Gox roils market By Investing.com