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In a development that could provide relief to Bitcoin (BTC) and the broader cryptocurrency ecosystem, Mt.Gox, the defunct Cryptocurrency exchange Which was hacked in 2014, announced a major delay in the payment plan for affected creditors. The original repayment date was set for October 31, 2024, but the new repayment deadline has been postponed to October 31, 2025.
Mt. Gox Trustee announces a new payment schedule
This delay is particularly notable considering the payment of nearly 200,000 bitcoins to Creditors It could have put downward pressure on the price of Bitcoin.
If repayments continued as scheduled, there was concern that many affected investors might liquidate their holdings en masse, which could exacerbate Bitcoin’s current downtrend and lead to a sharp price decline.
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In a statement Released Thursday, the Rehabilitation Trustee outlined the current status of repayment efforts. He noted that although significant progress has been made in processing repayments, many creditors have not yet received their money due to incomplete procedures or problems encountered during the repayment process. The secretary stated:
With the exception of certain types of payments, the Rehabilitation Trustee has largely completed the base repayment, early lump sum repayment, and intermediate repayment to Rehabilitation Creditors who have completed the necessary procedures.
However, the statement highlighted that a large number of rehabilitation creditors are still waiting Payment. In light of these challenges, and with the permission of the court, the Trustee has determined that it is in the best interest of all parties to extend the payment deadline.
Key levels to watch for Bitcoin amid ongoing volatility
Despite the recent optimism surrounding the Bitcoin market, the cryptocurrency has once again fallen below the critical level of $60,000. This decline comes on the heels of a short-term upward trend sparked by the US Federal Reserve. resolution to cut interest rates on September 18, which initially boosted confidence among cryptocurrency investors.
He had Bitcoin He rallied to nearly $66,500 on September 27, marking its best September performance in more than a decade. However, the cryptocurrency has since faced a massive sell-off, resulting in losses of more than 2% over the past 24 hours and nearly 9% over the past two weeks.
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Cryptocurrency analyst Rekt Capital He pointed out Bitcoin is currently down approximately 6% for the month of October. Historically, the cryptocurrency has only seen October declines twice: in 2014, when it fell by 12.95%, and in 2018, with a decline of 3.83%.
Both years were characterized by bear market conditions. With the current year being A Half a year– an event that has historically led to higher prices – There is a prevailing feeling that Bitcoin may avoid a negative monthly close next October, according to Reckit analysis.
So React Capital male Bitcoin is currently testing the lower weekly reaccumulation range, which is around $60,600. This level is considered a crucial support, and maintaining a weekly close above it could pave the way for a potential upward move. Conversely, if Bitcoin fails to maintain this support, the analyst warns that it could lead to further declines, which could push the price below $55,000.
At the time of writing, BTC is trading at $59,650, as shown in the daily BTC/USDT chart below.
Featured image of DALL-E, chart from TradingView.com