Anticipated Release of 200K Bitcoins from Mt Gox Within 60 Days Predicted to Result in Imminent Decline in BTC Price
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Important Updates on MtGox Compensation Process: Verification Underway for Bitcoin and Bitcoin Cash Payouts
MtGox, the renowned cryptocurrency exchange, is making significant progress in its compensation efforts. In a recent Reddit update, the exchange has started reaching out to users through confirmation emails to verify ownership of exchange address accounts for Bitcoin (BTC) and Bitcoin Cash (BCH) payments. This verification process is a crucial step in ensuring that users receive their rightful compensation and upholding the security of the overall process.
Following the completion of the confirmation process, there is growing speculation within the crypto community that MtGox is preparing to release a substantial amount of Bitcoin, estimated to be between 142,000 BTC and 200,000 BTC. This uncertainty has captured the attention of market participants, as there is a possibility that these coins might be released within the next 60 days. Consequently, the market is closely monitoring the situation.
One significant aspect of MtGox’s compensation process is the systematic distribution of its extensive cryptocurrency holdings and funds in Japanese yen. This includes the distribution of 142,000 BTC, 143,000 BCH, and 69 billion yen to creditors who have successfully completed the verification process. This strategic move is a major milestone in the MtGox saga, as it reassures creditors that their compensation claims are being handled with utmost care and thoroughness.
It is of utmost importance for users to carefully follow the instructions provided in the confirmation emails. This step is crucial in validating and confirming the ownership of exchange address accounts associated with BTC and BCH payments. MtGox’s meticulous verification process reflects its commitment to ensuring the security and accuracy of compensation distribution.
As MtGox steadily fulfills its compensation obligations, industry analysts anticipate a potential increase in selling pressure on Bitcoin, which could result in a decline in its market price. Presently, Bitcoin has experienced a 3% dip in the last 24 hours, with its current value at $39,951. During this timeframe, its price reached a low of $39,450 and a high of $41,242.
Interestingly, trading activity has surged by 120% in the last 24 hours, indicating a heightened interest among investors in light of the ongoing compensation process.