Bitcoin Hovers Around 4-Month Lows of $55K Amid Concerns Over Mt. Gox Payouts
Bitcoin prices plummet to $55,000 as concerns persist over Mt. Gox payout of 140,000 BTC.
Bitcoin prices hovered near a four-month low of $55,000 on Monday as traders anticipated significant selling pressure. Mt. Gox, a former leading crypto exchange that shut down in 2014 after allegedly losing 950,000 BTC in a hack, has recently recovered 140,000 BTC. This marks a step towards compensating users who have waited a decade to reclaim their assets, amounting to approximately $9 billion. About $2.7 billion has already been transferred from an offline Mt. Gox-related account for payouts, which will be made in Bitcoin. Analysts speculate that many recipients may sell their BTC, potentially impacting market dynamics. Early adopters who invested when Bitcoin was valued at around $300 in 2014 stand to gain significantly, contrasting with those who may receive nothing. The timing of the distributions remains uncertain, though the 140,000 BTC recovered represents about 0.7% of the total circulating supply of 19.7 million tokens.
