Bitcoin climbs after Mt. Gox delays repayments until 2025
Mt. Gox, the former Bitcoin (CRYPTO:BTC) exchange that shut down in 2014, has delayed its repayment deadline by a year, leading to a rise in Bitcoin's price.
The cryptocurrency climbed above $62,200, gaining nearly 3% over the past 24 hours.
This movement comes after the exchange announced that the repayment process for billions of dollars worth of Bitcoin owed to its customers will now extend until October 31, 2025.
The delay was authorised by the court due to complications in the repayment process.
A notice issued by the Mt. Gox rehabilitation team explained that many creditors have yet to complete the necessary steps to receive their repayments.
Additionally, various issues encountered during the process have slowed progress, though specific details were not provided.
This extension is seen by investors as a relief, as it temporarily removes the concern of creditors selling large amounts of Bitcoin, which could have applied downward pressure on the price.
The postponement suggests that the market will not immediately experience the influx of Bitcoin expected from the repayments, allowing more stability for the cryptocurrency in the near term.
Several exchanges, including Kraken, Bitstamp, and BitGo, are involved in distributing the Bitcoin to former Mt. Gox clients.
While some payments were made starting in July, the total amount repaid remains unclear.
The delay is now viewed by some as providing a temporary reprieve for Bitcoin prices, reducing the risk of large sell-offs in the near future.
At the time of writing, the Bitcoin price was $62,692.37.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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