Bitcoin price was around $65,000 when the MTGOX news started circulating. The fear that assets from the wallet would be sent to investors proved true, and the Kraken exchange announced that returns would begin. While investors panicked and tried to understand what was happening, BTC dropped to $62,500 and then returned to $64,000. So, what are the initial statements?
MTGOX and Cryptocurrencies
Bitcoin price performance in the short term is related to the speed of MTGOX returns and how many creditors will sell. The nightmare combined with sales from Germany for weeks caused investors to experience massive losses in altcoins. Mt Gox trustee Nobuaki Kobayashi just announced that BTC and BCH have been returned to some creditors through designated cryptocurrency trade platforms. Currently, the trustee has returned BTC and BCH to over 13,000 creditors.
When conditions are met, all creditors will be able to receive their payments back. However, it is unclear how many will be able to meet the conditions and receive returns.
“To date, Bitcoin and Bitcoin Cash payments have been made to over 13,000 creditors. Further repayments to other compensation creditors will be made immediately under the following conditions.”
These conditions include details such as communication with intermediary institutions and contract approvals for the return.
