The Bitcoin (BTC) price slipped below the $66,000 mark earlier this Thursday after a significant number of Mt. Gox users stated that they had received their repayments on the Kraken exchange.
"Congrats to everyone, we finally made it after 10 years," a user said in a Reddit comment. "Just received mine too. An end of an era guys! A day I never thought would come," another user wrote.
Overall a Reddit post about repayments appearing on the Kraken exchange now has nearly 100 comments.
Arman ShirinyanFollowing the downfall of Mt. Gox in early 2014, Kraken was selected in order to oversee the distribution of the remaining assets of the leading exchange.
Earlier this July, Kraken confirmed that it had received creditor funds from Mt. Gox’s rehabilitation trustee. The exchange said that it would take up to two weeks for clients to receive their funds.
Last June, Mt. Gox spooked the cryptocurrency market by announcing the start of repayments. The long-simmering payout fears pushed Bitcoin to the $53,000 level in early July.
Even though the largest cryptocurrency has managed to recover in a relatively short span of time, Mt. Gox repayments remain a major headwind for the market given that a substantial share of creditors might be tempted to liquidate their holdings after recording substantial price gains.
Overall, there were more than 20,000 individual Mt. Gox creditors. Notably, most of them have already secured repayments. According to Forbes, Blockstream founder Adam Back as well as Bitcoin Cash promoter Roger Ver are among these creditors.
Despite stunningly high ETF inflows, Mt. Gox repayments will likely remain a major bearish factor in the near future.
Bitcoin is currently trading at $65,978 on the Bitstamp exchange.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team