Markets
$313,090,000 Liquidations Hit Crypto Markets as Bitcoin Hits $59,000 Following Mt. Gox Statement
A correction in Bitcoin (Bitcoin) and cryptocurrency markets are deepening after news that former cryptocurrency exchange Mt. Gox is moving forward with a plan to distribute digital assets worth about $9 billion.
According to crypto data aggregator CoinglassIn the last 24 hours, positions worth over $313 million have been liquidated, mostly long traders on BTC and Ethereum (ET).
Mt. Gox was at one point the largest Bitcoin exchange in the world before it suddenly went bankrupt and “lost” most of its coins to a theft.
The exchange eventually recovered most of its coins and was involved in a lengthy bankruptcy process to repay its former customers, a large source of uncertainty in the market given the amount of potential selling pressure it could release if it were to sell his BTC to redeem creditors. .
Now, in the declarationMt. Gox says BTC and Bitcoin Cash (BCH) refunds will be made from early July.
“We have taken time to ensure safe and reliable refunds to creditors, including technical remedies for safe refunds, compliance with financial regulations in each country, and discussion of refund agreements with cryptocurrency exchanges.
We will initiate refunds in the order of cryptocurrency exchanges with which the Rehabilitation Trustee completes the exchange and confirmation of the requested information. Please wait a while until refunds are issued.”
When the coin movements were stained in May, former Mt.Gox CEO Mark Karpelès also clarified that preparations were underway for a rollout that will likely occur later this year.
“As far as I know, everything is fine with Mt. Gox. The trustee is moving the coins to a different wallet in preparation for the distribution which will likely take place this year, there is no imminent sale of bitcoin.”
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