Mt. Gox Creditors\' Settlement Payments to Roll Out via Exchange Platforms; BTC Price Slips Below $60k

Mt. Gox was previously expected to roll out settlements in the earlier days of July 2024. There is little evidence to support that it has done that; however, two transactions involving three wallets that moved small amounts of Bitcoin have surfaced.

Mt. Gox was previously expected to begin rolling out settlements in early July 2024. However, there is little evidence to suggest that this has occurred. Two transactions involving three wallets have been observed, moving small amounts of Bitcoin. It is unclear whether these transactions were a test or a genuine part of the settlement process.

Mt. Gox is not directly rolling out settlements to customers. Instead, it is assisting associated exchange platforms to make funds accessible to their customers within 90 days of receiving funds from the defunct exchange platform. The five exchange platforms involved are Bitstamp, Kraken, Bitbank, SBI VC Trade, and Bitgo.

It is estimated that a total of $9 billion of Bitcoin is pending in repayment transactions.

Meanwhile, BTC has slipped below $60,000 and is trading at $57,898.64 at the press time. It reflects a downtrend of 3.95% in the last 24 hours and 5.19% in the last seven days. Moreover, it reflects a decline of 15.96% in the last 30 days. A major portion of the fall is anticipated to have come from the natural course of action, eventually leading to a rebound in the times to come. A tiny portion of the fall is credited to the selling pressure created by Mt. Gox.

It is believed that creditors who receive their settlements now are potentially sitting on huge profits since they bought those tokens in 2013. Instead, They would let go of their holdings rather than take risks amid the high volatility and the resurfacing of inflation concerns. One can still not negate that several holders would want to stick to what they receive, or at least some of their holdings.

Plus, there is an expectation that Spot Ether ETF could soon get the final nod of approval from the US SEC. That will fuel intentions of diversification among those who already have their shares in Spot Bitcoin ETF.

Near-term predictions are bullish for BTC, with the next 30 days expected to fetch a return of 36.69% as the token could hit the mark of $80,781. A jump of 17.23% in the next 5 days from the current value is also on the horizon, signaling that the flagship crypto will go as high as $69,281.

Overall sentiments are bearish, with the FGI giving 44 points amid volatility of 5.11% and the 14-day RSI of 36.21. The 50-day SMA and 200-day SMA are $66,397 and $58,211, respectively, applicable in the same order.

Mt. Gox's movement of small Bitcoin is unconfirmed; it is yet to be known if it was a test or a genuine transaction. What’s certain is that Mt. Gox will settle dues with creditors through five exchange platforms.

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