Markets
$313,090,000 in Liquidations Hit Crypto Markets as Bitcoin Hits $59,000 After Mt.
A correction in Bitcoin (Bitcoin) and crypto markets are deepening following news that former crypto exchange Mt. Gox is moving forward with a plan to distribute around $9 billion in digital assets.
According to cryptographic data aggregator Currency CurrencyMore than $313 million worth of positions were liquidated in the last 24 hours, mostly traders long BTC and Ethereum (ETH).
Mt. Gox was the largest Bitcoin exchange in the world at one point, before abruptly going bankrupt and “losing” most of its coins to theft.
The exchange has finally recovered most of its coins and is in a long bankruptcy process to pay its former customers, a major source of uncertainty in the market given the amount of potential selling pressure it could release if it sold its BTC to bail out creditors . .
Now, in a declarationMt. Gox states that BTC and Bitcoin Cash (BCH) refunds will be made starting in early July.
“We take time to ensure safe and reliable repayment to lenders, including technical solutions for safe repayments, compliance with each country’s financial regulations, and discussing repayment agreements with cryptocurrency exchanges.
We will initiate refunds in the order of the cryptocurrency exchanges with which the Rehabilitation Administrator will complete the exchange and confirmation of required information. Please wait a while for refunds to be made.”
When currency movements were identified In May, former Mt. Gox CEO Mark Karpelès also clarified that preparations were underway for a distribution that will likely take place later this year.
“As far as I know, everything is fine with Monte. Gox. The administrator is transferring coins to a different wallet in preparation for the distribution that will likely happen this year, there is no imminent sale of bitcoins taking place.”
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