Today, Friday, they get a beating cryptocurrenciesas investors turned their attention to Bitcoin worth $9 billion, which Mt.Gox will launch on the market, the once powerful and now bankrupt stock exchange, for which the time has come to give back to its users.
O Mt. Gox had collapsed ten years agoafter a major cyberattack that it received, during which amounts of cryptocurrency were stolen, the value of which today would be close to 58 billion dollars. Now it will return Bitcoins to the affected users. Some have decided to receive payment in cash. Most in cryptocurrency. This means that large amounts of the popular cryptocurrency will “fall” onto the market. And it is not excluded that many of those compensated will be liquidated immediately.
The course of prices
In 2014, when Mt. Gox Bitcoin price was close to $600. Very recently it surpassed $60,000 and more due to the pressures it received in the last few days. just under $55,000. Specifically today 6% drop for $54,500. It’s the first time it’s traded below the $55,000 mark since Feb. 27. Ether price also drops 9%, to $2,872.10.
Bankruptcy court-appointed trustee Nobuaki Kobayashi announced today that payments in Bitcoin and cash have begun. He did not specify how much money has been disbursed so far.
How long will the fix take?
The cryptocurrency market’s bleeding is not out of the question to continue into next week, although it is not expected to be uncontrollable. Most analysts estimate that the correction phase will not last long, as the price has already fallen almost 20% from this year’s highs. In the medium term, there are two factors that indicate that these losses may be covered and Bitcoin may return to near-record levels.
The first is the halving, which occurred in April. The price of Bitcoin tends to rise until the peak of approx. 12 to 18 months after halving. This means that there is room for growth until April or even autumn 2025.
The second factor is Bitcoin-linked ETFs. They received approval earlier this year and their appeal appears to be gradually growing. They have attracted net inflows of more than $14 billion in the US so far.