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Mt.Gox will pay creditors

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On December 15, six days from now, Mt.Gox will pay creditors. This could be a bearish signal for bitcoin.

Here's what CryptoQuant.com says on Twitter:

"Mt.Gox. The deadline for the rehabilitation plan is December 15, 2020.

It could be a bearish signal for $ BTC with the supply of 150,000 BTC entering the market, so we collect your address labels! ”

The history of the bankruptcy of Mt.Gox It started in February 2014, when bitcoin was worth about $ 600. After bankruptcy, it took years for the insolvency conservators to collect all the assets still in the company's possession and decide how to distribute them to creditors.

Now is the time to give back to creditors some of what they have lost.

Why the Mt.Gox affair may affect the price of Bitcoin

The 150,000 BTC to be distributed in February 2014 they were worth around $ 90 million, but today they are worth around $ 2.7 billion total.

The fact that they are quickly distributed to a large number of people who lost everything they had in the failed exchange in February 2014 may suggest that could go on the market in large quantitieseven to take advantage of today's particularly high prices.

That is why this is a bearish signal.

Also, over the years, when the price of bitcoin rose in November, it often continued to do so for only the first two weeks of December, after which it fell.

In other words, there would be all the prerequisites for a bitcoin price pullback from precisely the middle of the month.

It is not said that the 150,000 BTC will be put on the market immediately, also because it is possible that by the time some creditors receive them, the price has already dropped.

Just for comparison, around 28,000 BTC are mined each month, so the bitcoin distributed by Mt.Gox's insolvency trustees is equivalent to the rewards distributed globally in around five months of mining.

Already today there has been a deceleration short and moderate in bitcoin price, which fell below $ 18,000 for the first time after nine consecutive days above this threshold. Furthermore, since CryptoQuant.com posted the news of the distribution of Mt.Gox funds yesterday, it is even possible that the two are connected in some way. It is worth noting, however, that throughout the day, the price has risen considerably above this threshold.



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