Mt. Gox to Settle $9B Owed to Creditors, Sending Bitcoin Way Below $60,000

Mt. Gox has moved to initiate the settlement of $9 billion it owes to creditors. The defunct crypto exchange platform last moved 47,229 Bitcoin tokens

Mt. Gox has moved 47,229 Bitcoin tokens from its wallet in a transaction valued at $2.71 billion. This comes days after the platform announced that it would begin making payouts to creditors in Bitcoin, Bitcoin Cash, and fiat currencies.

The move is also significant as it comes at a time when the crypto market is facing selling pressure. BTC Markets’ Crypto Analyst Rachael Lucas told the press that Mt. Gox's large payout, to the tune of $9 billion, is expected to add a lot of selling pressure as the market tries to absorb additional supply.

BTC's values have been fluctuating since the defunct exchange platform announced its plans to roll out settlements.

Bitcoin is currently trading at $54,340.34, down 7.68% in the past 24 hours and 11.67% in the past 7 days. 24-hour trading volume is up, while market cap is down by over 7%. Volatility stands at 5.11%, and 14-day RSI is at 36.21. Short-term predictions have slid down the scale. The next 5 days are now projected to fetch a value of $68,597 for an upswing of 17.54% from the present value. The next 30 days could see a jump of 37.37% to take the value to $80,170.

Bitcoin was set to hit rock bottom anyway. A value of $60,000 served as a strong resistance zone. There was an accumulation phase where the values consolidated between $61,000 and $64,000. Then came a surge to redefine the range of $67,000 and $70,000. A bullish speculation was that it would soon surpass the ATH of around $74,000 and venture out to bank $84,000.

Needless to say, that has not happened for Bitcoin.

Mt. Gox will eventually roll out settlements to the tune of $9 billion that it owes to the victims of the 2014 hack. Heavier fluctuations are expected, and the value may dance around $55,000 for a while.