Save The September Date
Since the announcement of the Mt. Gox bitcoin repayment plan back in July 2021, affected users have been waiting for when the repayment would commence. So far, claims for the funds are being processed, and there are around 140,000 BTC that are expected to be repaid in their entirety. The most recent announcement regarding the repayment has come with a definite date for when it will finally begin. The start date was set for September 15, 2022, to be started at Japanese time. If that date looks familiar, a little reminder here is that this is the same date that was set for the completion of the Ethereum Merge.What Does This Mean For Bitcoin?
Ever since the Mt. Gox bitcoin repayment plan was announced, there have been speculations on what it might mean for the price of the digital asset. At first, the rumors circulated around the 140,000 BTC being dumped on the market at the same time, triggering panic among investors. However, these rumors have since been dismissed. Rather, the Mt. Gox bitcoin repayments will happen over a period of time, putting only a portion into circulation at a time. This will see that there is a much lesser impact from the BTC coming into the market and wouldn’t tank the price of BTC. One thing that is important to keep in mind is the fact that the start of the repayments begins on the same day as the Ethereum Merge. The Merge is already rumored to be a sell-off event, and with some of the BTC being put into the market, it would negatively impact the market.Featured image from The Indian Express, chart from TradingView.com
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