- Mt.Gox has announced a September 15 deadline for the transfer of creditor claims, coinciding with the Ethereum merger.
- 2.72 billion bitcoins could be released in the same week that Ethereum is going through its most anticipated event, the merger.
- Analysts recommend caution on bitcoin and ethereum ahead of asset pullback.
Mt.Gox has announced that September 15 is the deadline for creditors to file claims. This coincides with the Ethereum merger, a long-awaited event in the history of cryptocurrencies. Therefore, according to analysts, Bitcoin and Ethereum holders should be cautiously optimistic.
Also Read: Trade Ethereum on Binance for Free: Fees for the World’s Biggest Monthly Exchange Waves
Mt.Gox exit from bitcoin and merger, chaos?
Mt.Gox, the former cryptocurrency exchange, is expected to announce a release date for Bitcoin soon. According to creditors, the deadline coincides with the same week as the Ethereum merger. Supporters believe that two high-profile events in the same week could lead to chaos. Mt.Gox is working on refunding user funds after the exchange closes. In a notice to creditors issued by Mt.Gox administrator Nobuaki Kobayashi, the distribution of funds to former clients of the former Mt.Gox cryptocurrency exchange will begin on September 15.
The exchange owes lenders 141,686 bitcoins (BTC), 142,846 bitcoins in cash (BCH), and 69,776,002,441 yen after the 2014 hack. The hack resulted in the loss of 850,000 bitcoins from creditors. September 15 is the deadline for creditors to file or transfer a claim, and there will be one base down payment for everyone. Richard Hart, a crypto marketing expert, shared the details of the Mt.Gox repayment with lenders.
Mt.Gox Claim Settlement
Mt.Gox bitcoin dump and its impact on BTC price
While the influencers believe that the exit of Bitcoin from Mt.Gox is a bearish scenario for the price of BTC. Instead of a one-time liquidation of 850,000 bitcoins, the exchange will offer combo payouts, so a BTC dump is unlikely. Lenders have the ability to choose payment options, so a full payment in bitcoin is unlikely to cause a decline in the price of an asset.
Bitcoin and Ethereum prices prepare for a rally ahead of a pullback
Phoenix Ashes, a crypto analyst on Twitter, says Bitcoin and Ethereum prices could rise ahead of a pullback. Post-merger events could cause Ethereum’s price to drop to $1,552.
Ethereum-USDT price chart