Crypto exchange Mt. Gox collapses bitcoin rate in 15 minutes

The flagship crypto asset BTC $96,061.61 Bitcoin 1.63% Market capitalization $1.9 trillion VOL. 24 hours $6.16 billion has fallen below $ 62,000 after news of a payout from the Mt. Gox crypto exchange. The curator of the platform, which went bankrupt in 2014, announced plans to start paying compensation in Bitcoin, Bitcoin Cash, and cash in early July. This decision was made after the completion of the preparatory process.

The market reacted nervously to the news, and bitcoin dropped below $ 62,000 on high trading volumes, losing more than 2.5% in 15 minutes. The decline in the value of the main cryptocurrency caused other digital assets to fall by 1.7%-3.4%, according to CoinGecko.

In May 2024, Mt. Gox started actively moving bitcoins for the first time in five years. In January, the exchange confirmed the addresses of creditors for compensation, and in April, some customers received payments in fiat. Mt. Gox is expected to distribute assets by October 31, 2024.

Experts at K33 Research believe that the prospect of Mt. Gox selling off bitcoins could «scare the market» and put pressure on the price. The rehabilitation process for Mt. Gox users began in June 2018, and the compensation plan was approved by a Tokyo court in 2021.