Amid a significant development in the cryptocurrency world, Bitcoin has experienced an uptick in its value, climbing over 6% last Friday. This surge is linked to recent news that the now-defunct crypto exchange, Mt. Gox, has decided to postpone its deadline for Bitcoin repayments to creditors. The delay provides additional time for many to complete the required formalities and receive their respective funds.
Bitcoin Price Surge and Mt. Gox Repayment Update
Mt. Gox, which began creditor repayments in July, announced that it has largely achieved what it calls Base Repayment, Early Lump-Sum Repayment, and Intermediate Repayment phases in the subsequent months. As detailed in a statement on its website, several creditors still await their Bitcoin due to incomplete procedures or issues encountered during the repayment process.
“Acknowledging the necessity to repay rehabilitation creditors to the fullest extent feasible, the Rehabilitation Trustee has obtained court consent to extend the repayment deadline from October 31, 2024, to October 31, 2025, Japan Standard Time,” the statement disclosed.
The Historical Impact of Mt. Gox on Bitcoin Trading
In its prime, Mt. Gox accounted for more than 70% of Bitcoin’s trading volume. However, following a disastrous hack in 2014, the exchange declared bankruptcy. Since then, it has gradually recovered many of the lost Bitcoin, striving to return them to its customers. This ongoing process, while positive for creditors, has created waves of uncertainty within the crypto market, with fluctuations in Bitcoin’s price often linked to anticipated sell pressure.
Currently, Bitcoin trades at $62,635, having gained over 4% just in the past 24 hours. This increase represents a notable change compared to previous weeks, highlighting how market sentiments are influenced by significant announcements.
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Disclaimer: The views presented at The Daily Hodl do not constitute financial advice. Individuals must conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. It’s imperative to acknowledge that transactions are conducted at personal risk, and any losses are solely your responsibility. The Daily Hodl neither advocates the trading of any digital assets nor serves as a financial advisor. Participate in affiliate marketing is disclosed.
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