News

137,890 Bitcoin Payout For Mt Gox Creditors; BTC Sell off Ahead?

A probable black swan event can be on the crypto market calendar as the Mt Gox creditors are set to receive around 138K Bitcoins.
Published by
137,890 Bitcoin Payout For Mt Gox Creditors; BTC Sell off Ahead?

Bitcoin News: The world’s largest cryptocurrency, Bitcoin (BTC), is on a downward trend over the past 30 days due to uncertainty generated by the US SEC probes and the Silvergate crisis. However, the future emerging trends don’t ring good bells for Bitcoin. As per reports, the Mt Gox creditors are likely to get their payout in Bitcoin which might trigger a Sell off rally.

Advertisement

Bitcoin Price Dump Incoming?

As per reports, a probable black swan event can be on the crypto market calendar as the Mt Gox creditors are set to receive around 138K Bitcoins. The creditors might receive an “early repayment” on March 10. The cumulative worth of the Bitcoins set to be unblocked is around $3 billion.

Mt. Gox suspended its withdrawals on February 7, 2014. At that time BTC was trading around $800. However, Bitcoin price on March 6, 2023, stood around an average price of $22,390. Its 24 hour trading volume is up by 8% to stand at $14.3 billion. However, Bitcoin is holding a market cap of around $432 billion. Read More Bitcoin News Here…

Advertisement

Will Creditors Sell BTC After Receiving It?

The biggest question here emerges, will creditors sell their yet to be received Bitcoins ahead? However, Mt Gox’s balance sheet also holds 143K Bitcoin Cash (BCH) of approx worth $19 million. It is important for the market to pay close attention to the probable selling pressure incoming.

Experts believe that the creditors are going to retain the received Bitcoin rather than sell it. It is important to keep in mind that BTC has already reached the $69K price level in November 2021.

However, another factor that should be considered is that the two of the largest creditors choose a payout option that won’t force a Bitcoin sell-off. As per reports, they picked up the lump sum payment option which would be paid out in September.

Major Events That Will Impact BTC Price This Week| Read Here

Advertisement
Share
Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year

The U.S. Federal Reserve has announced it has lowered the interest rate by another 25…

October 29, 2025
  • News

WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial

World Liberty Financial (WLFI) has appointed Mack McCain as its new General Counsel. This marks…

October 29, 2025
  • News

Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge

Binance founder Changpeng Zhao (CZ) has publicly distanced himself from a newly launched token inspired…

October 29, 2025
  • News

Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern

Bitcoin traders are preparing for a rise or fall in the price of Bitcoin, as…

October 29, 2025
  • News

Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea

Trump tariff tensions have begun to ease as China resumed purchasing U.S. agricultural products for…

October 29, 2025
  • News

BlockDAG Hype Surges as Coinbase and Kraken Listing Rumors Spread

Conversations around BlockDAG, a multi-utility project currency currently in its presale stage, have gained more…

October 29, 2025