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Home » Crypto market bloodbath as Mt. Gox bitcoin (BTC) payout approaches

Crypto market bloodbath as Mt. Gox bitcoin (BTC) payout approaches

The cryptocurrency market is currently experiencing a bloodbath as the long-awaited payout of bitcoin (BTC) from the infamous Mt. Gox exchange approaches. Mt. Gox was once the largest bitcoin exchange in the world before it filed for bankruptcy in 2014 after losing 850,000 bitcoins, worth over $450 million at the time.

Since then, the trustees of Mt. Gox have been working to recover and distribute the lost bitcoins to the exchange’s creditors. The payout is expected to begin in the coming weeks, and many in the crypto community are bracing themselves for the impact it will have on the market.

As the deadline for the payout approaches, the price of bitcoin has been on a downward spiral, with many investors selling off their holdings in anticipation of a flood of bitcoins hitting the market. This has caused panic among investors and has led to a significant drop in the value of not only bitcoin but also other cryptocurrencies.

The uncertainty surrounding the Mt. Gox payout has also sparked fears of market manipulation, with some speculating that whales are taking advantage of the situation to drive down prices and accumulate more bitcoin at lower prices. This has only added to the volatility in the market and has further exacerbated the bloodbath that is currently taking place.

Despite the negative impact on the market, some investors see the Mt. Gox payout as a positive development for the crypto industry as a whole. The distribution of the lost bitcoins will bring closure to the Mt. Gox saga and could potentially restore confidence in the market by demonstrating that even in the event of a major hack or theft, funds can still be recovered and distributed to affected parties.

However, until the payout is complete and the market stabilizes, it is likely that we will continue to see extreme volatility and uncertainty in the cryptocurrency market. Investors should proceed with caution and be prepared for further fluctuations in prices as the Mt. Gox payout unfolds.