Key facts:
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Compensation is being prepared for those affected by the Mt. gox.
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If the compensators sell the paid bitcoins, the price of the cryptocurrency could drop.
The market’s major cryptocurrency could suffer a price drop if more than 140,000 Bitcoin (BTC) sold back by the Mt hack. gox. As of this writing, it is trading at $21,600, after hitting its lowest level in more than a year three weeks ago.
This was reported by analyst Healthy Pockets, given that The lawyer behind the Mount Jukes stock exchange hack announced that it is preparing to repay 141,686 BTC for those affected. These are the compensations that users of the said platform will receive for the theft of 850 thousand bitcoins that it was exposed to 8 years ago, in 2014.
The resolution of the case determined that those affected could receive compensation in BTC, Bitcoin cash (BCH) or dollars residing at the time of the hack. Among these options, Pockets points out that the majority would probably choose bitcoin because it is the most profitable.
This decision leads him to believe that when he receives money, Those who were compensated from hacking into Gox Mountain can sell Bitcoin re. Given this, he warned that this action could have “serious consequences” for the price of the cryptocurrency. The exact value of BTC tends to fall when there is more supply than demand.
For comparison, remember that the last reported sale on CriptoNoticias is slightly over 10,000 USD BTC by miners It may have pushed the cryptocurrency’s decline to its lowest levels in more than a year.
Although it is worth noting that Bitcoin’s drop to $17,600, the more than a year low it touched three weeks ago, was not just due to the selling by miners. It was launched through extensive sourcing actions by market investors. In fact, this was also seen in stock shares after bleak macroeconomic background.
The actions of those who are compensated for the Mt.Gox hack could affect the price of Bitcoin
In this scenario, selling more than 140,000 BTC may not affect the price of the cryptocurrency if there is strong demand at the same time. But if not, Bitcoin can continue to decline.
Also, it must be considered Gox mountain hack rewards can decide to keep Bitcoin Returned instead of sold. This action will not have a negative impact on the price of the cryptocurrency. Therefore, it is necessary to know how they act upon receiving the refund and the impact it causes in the crypto market.
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