Baisse du Bitcoin suite à l’annonce de remboursement de Mt.Gox – Impact sur le marché des cryptomonnaies
Breaking News: Bitcoin Falls Below $60,000 as Mt.Gox Announcement Triggers Sell-off
In a dramatic turn of events, Bitcoin has experienced a significant drop in value, falling below the $60,000 mark. This decline of over 10% in the span of a month is directly linked to an announcement from Mt.Gox, a defunct and hacked cryptocurrency exchange platform.
The past month has seen Bitcoin going through a phase of decline, with its price dropping below $60,000. Prior to this downturn, Bitcoin had managed to hold above $70,000, its all-time high. In just one month, the digital currency created by Satoshi Nakamoto has lost over 10% of its value. As of this moment, Bitcoin is hovering around $61,000.
The primary catalyst behind this downward movement is an announcement related to Mt.Gox, the now-defunct cryptocurrency exchange platform. In 2014, Mt.Gox was one of the largest platforms in the crypto world. During a cyberattack that year, hackers managed to steal 850,000 bitcoins, which accounted for 80% of the funds held by users. This incident led to the collapse of the exchange, based in Japan, which quickly went bankrupt.
To compensate the victims of Mt.Gox, Japanese authorities have worked tirelessly to recover the stolen cryptocurrencies. After years of investigation, 20% of the stolen funds have been retrieved. The Japanese authorities have committed to returning the money to the affected individuals as soon as possible. However, the repayment date has been postponed multiple times.
After years of waiting, the victims of Mt.Gox began to see a glimmer of hope a few months ago. By the end of 2023, some users received a refund in Japanese yen. Investors opting for a refund in bitcoins were asked to wait a few more months.
Just days ago, Nobuaki Kobayashi, the trustee in charge of Mt.Gox’s rehabilitation, announced that the compensation in Bitcoin will commence as of July 2024. The affected individuals will receive both Bitcoin and Bitcoin Cash. The reimbursement process is expected to span several months, likely until October 2024. Eight billion dollars in Bitcoin is slated to be disbursed to the victims starting in the first week of July.
Market analysts are anticipating that an influx of bitcoins could lead to a selling pressure. Essentially, there are concerns that Mt.Gox victims may sell all the bitcoins they receive as compensation for fiat currencies. A massive sell-off could potentially drive down the value of Bitcoin, resulting in a supply-demand imbalance. In anticipation of this theoretical decline, speculators have already sold off a portion of their bitcoins, contributing to the price drop.
This is not the first time that Bitcoin’s price has reacted adversely to a similar news development. Last year, the digital currency’s price plummeted due to the reimbursement process for victims of FTX. Administrators of the exchange, which ceased operations in 2022, aimed to sell $3.4 billion worth of cryptocurrencies, once again instilling fear in investors about a potential market downturn.
In addition to the repayment announcement, other factors contributing to Bitcoin’s recent decline include the slowing down of Bitcoin-focused exchange-traded funds (ETFs) on Wall Street. Over $900 million was withdrawn from ETFs in a week, marking a record outflow.
Analysts also attribute Bitcoin’s decline to the robust performance of the U.S. stock market. Tech giants like Nvidia have experienced a surge in stock prices due to the AI boom, posing as competition to Bitcoin, which is perceived as a riskier asset.
Overall, the cryptocurrency market remains volatile, with various factors influencing the price movements of digital assets like Bitcoin. Stay tuned for more updates on this developing story.
Source: Mont Gox
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