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The drop in Bitcoin's price could signal a warning for major altcoins. It is clear that the markets will need to take positions on this. We are seeing a 4.5% drop, placing us at around $61,300, although just a few hours ago the price had been close to touching $60,500.
What is interesting is that the volume from the beginning of June 24th until this moment has increased from $17 billion to almost $28 billion.
Price of Bitcoin | CoinGecko
On the other hand, Bitcoin Cash has also represented a significant bearish trend that may be considered alarming. This time, the price of BCH has fallen by 8.2%, leading to its value decreasing to the current $354. In this case, its volume is at $242 million, but just before that sharp drop, the volume was $157 million.
Price of Bitcoin Cash | CoinGecko
What is news today is that starting in July, Mt.Gox creditors will be able to receive refunds in Bitcoin and Bitcoin Cash after a decade of fund loss.
In a note from Nobuaki Nobayashi, who is the rehabilitation administrator of Mt.Gox, it is mentioned that measures have been taken to ensure the payment to creditors in a secure and reliable manner. This involves compliance with the financial regulations of each country and negotiating agreements with cryptocurrency exchanges.
Mt.Gox was the Japanese exchange that once processed over 70% of Bitcoin transactions volume. However, it ceased operations in 2014 when it suffered a collapse.
All the process from that time until now has led to legal procedures with the intention of recovering the lost funds. In 2018, 200,000 bitcoins have been recovered, and it was at that time that the court appointed an administrator to oversee a rehabilitation process. However, creditors with just cause have been dissatisfied as they have not been compensated and everything seems to have been postponed time and time again.
The rehabilitation plan aims to compensate users who have lost their funds, and they are attentive to finding out through official channels what the timetable for payments completion will be and how the distribution will take place.
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Mt.Gox also organized an event to gain social support and regain trust as much as possible. In my opinion, I would not choose this company if it has disappointed me in any opportunity, but when it comes to opportunities, we should see what they are willing to offer that will benefit the most devoted users.
The deadline for payments is October 31, 2024, and it is estimated to be 142,000 BTC valued at $9.4 billion. Additionally, almost $72 million in BCH and nearly $446 million in Japanese yen are included.
What might happen next will have an impact on the market or not. In May, Mt.Gox moved millions in Bitcoin to an unknown account, affecting the market. Many traders are concerned about a spontaneous massive sell-off in these two cryptocurrencies that are increasingly gaining popularity, and one of them leads the others, let's not forget.
- Main image edited in Canva.
- I have consulted information in decrypt.co and cryptonews.com
- I have used Hive Translator to translate from Spanish to English.