The Mt. Gox payout is finally happening and it could result in the price of Bitcoin (BTC-USD) falling in July.
Mt. Gox has been working on a payout plan to return funds stolen from its exchange over 10 years ago. It’s ready to do so with these repayments set to start next month.
Mt. Gox notes that the payout will include 142,000 BTC, 143,000 Bitcoin Cash (BCH-USD) and 69 billion Japanese yen. This will see the exchange transferring more than $9 billion to affected users.
Mt. Gox Payout: How This Affects BTC
When the Mt. Gox payout starts, it could see the markets flooded with additional Bitcoin. That’s due to it pulling 140,000 tokens out of cold accounts to assist with paying back users.
Some traders are worried that this will result in the price of Bitcoin falling alongside the payout. While that may be a negative for BTC in the short term, it’s sure to help bring closure to those investors who were affected by the Mt. Gox hack more than a decade ago.
Investors will note that BTC is currently trading for about $61,784 per token. The crypto is up 1.3% as of this writing alongside a similar jump in its trading volume today.
There are plenty of other crypto stories that traders will want to read about below!
We have all of the hottest crypto news ready to go on Thursday. A few examples of that include several recommendations of cryptos to buy and stay away from right now. You can catch up on all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
