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0 sats \ 0 replies \ @nakatoshi OP 24 Jun \ parent \ on: What caused the cryptocurrency market to crash on June 24, 2024? bitdevs
You're right. I observed this Mt_Gox event and realized that it represents about 3.5% of all valid Bitcoins. It can shock the unsuspecting and make them panic to sell. This is good for Resilients who will have another opportunity to fill their cart at very attractive prices.

Mt. Gox Repayment: What You Need to Know

The Story:
  • Mt. Gox, a now-defunct cryptocurrency exchange, was hacked in 2014, resulting in the theft of over 740,000 bitcoins (worth roughly $15 billion today).
  • After years of delays, Mt. Gox has finally announced that it will begin repaying victims in July 2024.
  • The repayments will be made in both Bitcoin (BTC) and Bitcoin Cash (BCH).
Potential Impact:
  • The release of a large amount of Bitcoin (over 140,000) could put downward pressure on the Bitcoin price as some early investors may choose to sell.
  • This could be a significant event as Mt. Gox once handled a majority of Bitcoin transactions.
Key Details:
  • The repayments will be distributed in stages, with safety measures in place.
  • Mt. Gox received a court deadline of October 2024 for the repayments.
  • The recent movement of Bitcoin from Mt. Gox wallets to an unknown address might be related to the repayments.
  • Bitcoin prices dipped slightly after the announcement, but the long-term impact remains to be seen.
Additional Points:
  • This is a complex situation with several moving parts.
  • The full impact on the Bitcoin market is uncertain.
  • It's important to stay informed and do your own research before making any investment decisions related to Bitcoin.
Further Resources:
  • You can find the original CoinDesk article [here](link to coindesk article about mt gox repayment).
  • Keep an eye on cryptocurrency news websites for updates on the Mt. Gox repayments and their impact on the market.
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