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The cryptocurrency markets were anxious throughout July due to fears of sales by MtGox creditors. After sleepless days, Kraken exchange completed the refunds. Now, Bitstamp exchange is also completing the refunds. So, will cryptocurrencies rise?
Will Cryptocurrencies Rise?
According to the statement made by Bitstamp exchange, the refunds are largely complete. There will be a separate refund process only for UK citizens. BTC and BCH assets will start being refunded as of July 25, said the exchange, which caused a significant drop yesterday. Cryptocurrency investors, fearing massive sales, caused excessive sales, especially in altcoins.
Bitstamp exchange wrote the following in its recently published announcement:
“We are pleased to announce that the creditor assets we distributed through Bitstamp to Mt. Gox creditors are now fully accessible after completing security checks. Thank you for your patience.”
Reddit users of Bitstamp reported receiving their BTC and BCH assets. Kraken had previously completed the distribution of BTC and BCH to Mt. Gox creditors. Thus, a significant portion of the claims has been refunded to the victims. However, since creditors did not sell as feared, BTC continues to stay above $67,000. If this sentiment continues, we may see a new rise in BTC in the coming hours.
Out of approximately 142,000 BTC, the MtGox trustee still holds 80,128 BTC. Although the exact amount of the $5.38 billion assets owed to creditors is not known, it is believed that most of it has been refunded.
