- Mt.Gox announced the deadline for transferring creditor claims as September 15, coinciding with Ethereum’s Merge.
- 2.72 billion in Bitcoin could be released the same week as Ethereum goes through the most highly anticipated event, the Merge.
- Analysts recommend being cautiously optimistic in Bitcoin and Ethereum before a pullback in the assets.
Mt.Gox announced that September 15 is the deadline for creditor claims. This coincides with Ethereum’s Merge, a long awaited event in crypto history. Therefore, Bitcoin and Ethereum holders need to be cautiously optimistic according to analysts.
Also read: Trade Ethereum for free on Binance: World’s largest exchange waves fees for a month
Mt.Gox Bitcoin release and the Merge, chaos?
Mt.Gox, a defunct crypto exchange, is set to announce a date for Bitcoin release soon. The creditor claim deadline coincides with the same week as Ethereum’s Merge. Proponents believe two milestone events in the same week could result in chaos. Mt.Gox is working on reimbursing users their funds after the exchange went defunct. In a notice to creditors, released by Nobuaki Kobayashi, Mt.Gox trustee, the distribution of funds to former customers of the defunct crypto exchange Mt. Gox will begin on September 15.
The exchange owes creditors 141,686 Bitcoin (BTC), 142,846 Bitcoin Cash (BCH) and 69,776,002,441 Yen following a 2014 hack. The hack resulted in a loss of 850,000 Bitcoin of creditors. September 15 is a deadline for creditors to make or transfer a claim and there will be an initial base payment for all. Richard Heart, a crypto marketing expert shared details of Mt.Gox’s repayment to creditors.
Mt.Gox claim settlement
Mt.Gox Bitcoin dump and its impact on BTC price
While influencers believe Mt.Gox Bitcoin release is a bearish scenario for BTC price. Instead of a one-time 850,000 Bitcoin liquidation, the exchange will offer combination payouts therefore a BTC dump is unlikely. Creditors have the option of choosing payment options, therefore it is unlikely that the entire Bitcoin payout will trigger a decline in the asset’s price.
Bitcoin and Ethereum prices prepare for rally before pullback
Phoenix Ashes, a crypto analyst on Twitter argues that Bitcoin and Ethereum prices could witness a rally before a pullback. Events post the Merge could trigger a decline in Ethereum price $1,552.
Ethereum-USDT price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.