Bitcoin Price Drops as Mt. Gox Users Get Their Money Back

The price of Bitcoin fell below $66,000 on Thursday. This happened after many users of the old Mt. Gox exchange said they finally got their money back through Kraken, another crypto exchange.

Users were excited on Reddit. One person wrote, “We finally made it after ten years!” Another said, “Just got mine too. It’s the end of an era – a day I never thought would come.” A post about these payments on Reddit now has almost 100 comments.

Kraken took over, giving out Mt. Gox’s leftover money after it shut down in early 2014. In July, Kraken said it got the funds from Mt. Gox’s trustee and would send them to users within two weeks.

Last June, Mt. Gox scared the crypto market by saying it would start paying people back. This news pushed Bitcoin’s price down to $53,000 in early July. Bitcoin has increased since then, but these payouts still make traders nervous. Many people who are getting paid might want to sell their coins, especially since Bitcoin’s price has increased significantly since 2014.

The impact on the Bitcoin market

Mt. Gox owed over 20,000 people money. Most of them have now been paid back. Some big names in the crypto world, like Adam Back, who started Blockstream, and Roger Ver, who supports Bitcoin Cash, are among those getting paid.

Even though new Bitcoin funds are attracting a lot of money, these Mt. Gox payouts could keep pushing Bitcoin’s price down for a while.

Right now, Bitcoin is selling for $65,840 on the Bitstamp exchange.

Source: Bitstamp exchange

This situation shows how events from years ago can still affect today’s crypto market. Mt. Gox was once the most significant Bitcoin exchange, handling most of the world’s trades. Its collapse in 2014 was a massive shock to the young crypto market. Now, ten years later, its final payouts are still making waves.

For many early Bitcoin users, getting their money back from Mt. Gox marks the end of a long wait. However, for the broader market, it adds another factor to watch in Bitcoin’s constantly changing price movements.

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