$3 Billion Worth of Bitcoin to Plunge Markets into Chaos from Friday Onwards

March 6, 2023

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$3 Billion Worth of Bitcoin to Plunge Markets into Chaos from Friday Onwards

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An event is likely to happen before the end of this week that got people worried about what will become of the crypto market condition once it happens.

I’m sure you must be wondering what exactly is the event that is likely to plunge the market on Friday, well, here it is, Mt. Gox is reportedly crediting its creditors starting on March 10.

Mt. Gox creditors may receive repayments from March 10 onward.

137,890 $BTC($3B) unlock is coming soon!

Mt. Gox suspended withdrawals on Feb 7, 2014, when the price of $BTC was ~$800.

And the current price of $BTC is $22,408.

Will creditors sell $BTC after receiving it? pic.twitter.com/hEgxGc1uJy
— Lookonchain (@lookonchain) March 6, 2023

If this happens, it simply means over 137,000 Bitcoins with the current market value of around $3 billion will be released into the market. However, some crypto fanatics are of the opinion that the payment of Mt. Gox creditors will lead to a notable drop in the crypto market.

In case you’re not aware, Mt. Gox had at a time the largest cryptocurrency exchange globally, back then, it lost over $90 billion (in today’s market value) within 24 hours, then, it was 850,000 BTC and at that time, it was worth $460 million. Reacting to this event, the exchange paused withdrawals on the platform on 7 February back in 2014, then, the Bitcoin price was around $800, and the company filed for creditors protection in the same year.

When we compare the above-mentioned price of Bitcoin back then to the current market price, even though it seems like the market has dropped significantly from its 2021 all-time high, don’t you think the creditors will be happy to sell their portion of Bitcoin? This is why crypto enthusiasts opined that it may plunge the price of BTC once Mt. Gox starts releasing the crypto.

“I had pretty much written off the Bitcoin I still had on Mt. Gox in 2014 as a loss, so philosophically anything I get back now is a bonus to the cold store. It has stretched on for many more years than anyone expected,” said Adam Back, one of the creditors, who is currently the CEO of Blockstream.

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