Bitcoin which is a major crypto asset is experiencing a continuous decline as the crypto asset market is under high volatility. Crypto investors seem hesitant to engage in trades due to uncertainty in sentiment. Among the attention is the Mt Gox Bitcoin Payout which is expected to worsen the crypto market.
Based on reports, there is good news for market players that Mt Gox Bitcoin payments have been suspended for now. Mt Gox creditors are set to receive nearly 138K Bitcoins as an “early repayment” scheduled for March 10th. The total value of Bitcoin that will be distributed among creditors is calculated to be around $3 billion.
In the letter issued by Mt Gox states that the trustee has decided to change the payment deadline to April 6, 2023. It mentions that the court has granted the Trustee to postpone the repayment deadline.
It added that the early lump sum repayment deadline and the intermediate repayment deadline are scheduled from October 31 to the end of September. Meanwhile, the new order will allow trustees to repay creditors between April 6 and October 30, 2023.
The price of Bitcoin has dropped more than 7% in the past 7 days following speculation of a Mt Gox Bitcoin release. Bitcoin is trading at an average price of $21,604 at the time of writing. According to speculation, the Mt Gox payout will trigger a massive selloff in the crypto market.
Bitcoin's 24-hour trading volume has dropped by 10% to $21.77 billion. The cumulative market level fell by 1.5% over the past day. While the 24-hour trading volume has decreased by 6% to $44 billion.
