Mt Gox’s 200K Bitcoin Release Expected in 60 Days – BTC Price To Be Crash

In a recent update on Reddit, MtGox has taken a crucial step in its compensation process by sending confirmation emails to users. The objective is to validate ownership of the exchange address accounts previously registered as payment addresses for Bitcoin (BTC) and Bitcoin Cash (BCH).

Notably, creditors reported in December 2023 that they began receiving compensation in Japanese yen directly deposited into their PayPal accounts. 

The compensation distribution is expected to extend into 2024, with MtGox planning to distribute its holdings, including 142,000 BTC, 143,000 BCH, and 69 billion yen, among other assets.

Compensation Progress

However, the recent confirmation emails to users are part of MtGox’s efforts to ensure the accuracy of registered payment addresses. This verification process aligns with ongoing compensation initiatives, reinforcing security measures to guarantee that users receive their rightful compensation.

As the repayment phase unfolds, MtGox systematically distributes its significant cryptocurrency holdings and funds in the Japanese yen. The allocation includes 142k BTC, 143k BCH, and 69 billion yen, among other assets, to creditors who have successfully undergone the verification process.

This development marks a significant milestone in the MtGox saga, assuring creditors that their compensation claims are undergoing careful processing.

Meanwhile, users are urged to carefully follow the instructions in the confirmation emails to validate and confirm ownership of exchange address accounts associated with BTC and BCH payments.

Potential Selloff Pressure

As MTGox gradually repays its users, there is an expectation that the selling pressure on Bitcoin will increase. This, in turn, may lead to a decline in its price.

In the meantime, the price of Bitcoin dropped by 3% in the last 24 hours. Right now, it’s valued at $39,951. On the last day, the lowest it went was $39,450, and the highest was $41,242. More people seem interested in trading Bitcoin too, as the trading activity went up by 120% in the last 24 hours.