Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Chinese crypto blogger and journalist Colin Wu, who extensively covers everything to do with the crypto space, exchanges, prices and so on, has taken to the X social media site to share some news about major Bitcoin exchange Mt. Gox, which ran 70% of BTC transactions between its foundation in 2010 and it closure in 2014 following a hack, where a lot of customer funds were stolen.
Colin Wu's tweet says that several creditors of bankrupt exchange Mt. Gox received an email from the bankruptcy rehabilitation trustee of the once popular exchange. The letter stated that creditors who lost their funds during the hack that occurred in 2014 will begin to gradually receive their funds back this year.
These payouts will also extend into 2024. Payouts of 142,000 Bitcoin (equal to $5,179,222,800), 143,000 Bitcoin Cash (worth $31,507,190), 69 billion yen, among other payouts, will be distributed among Mt. Gox creditors.
In September this year, the trustee spread the word about a considerable delay in repayments. Initially, the trustee, spearheaded by Nobuaki Kobayashi, named Oct. 31 this year as the start date. However, in September, this date was postponed until October 31 of 2024.
Bitcoin to reach $220,000 if history repeats itself: Opinion
As reported by U.Today earlier, prominent Bitcoin-dedicated X account "Bitcoin Archive" reminded the crypto community about the approaching BTC halving in April next year.
The person behind this account also stated that he expects the global flagship cryptocurrency to surge at least 6x after the approaching halvening event to reach a whopping $220,000.
"Bitcoin Archive" shared a chart, which shows that after each of the three halvings Bitcoin has seen so far, the BTC price printed a massive surge – 24x after the first halving (BTC hit $800), it rose 30x (BTC reached 11,000x). After the latest halving in May 2020, Bitcoin surged 6x, reaching an all-time high of close to $69,000 in October 2021.
If Bitcoin repeats at least this 6x spike, "Bitcoin Archive" claimed, it may come really close to the $220,000 price tag.
12% of Bitcoin supply left for purchasing
When mining happens, rewards of crypto miners for processing transactions and minting blocks get cut by half. Currently, miners earn 6.25 BTC per each block. After the 2024 halvening, this figure will decrease to 3.125 BTC. Therefore, half of the amount of Bitcoin will be injected into the market.
This year the following proof-of-work-based cryptos have already seen their halvings happen: Litecoin (LTC) and privacy coin Dash (DASH).
At press time, the leading cryptocurrency is changing hands slightly above the $37,300 level.
In the meantime, there is not that much that Bitcoin has left to accumulate. Now, only 12% of the initial supply of 21 million BTC created by Satoshi Nakamoto is left for mining and then purchasing.
Vladislav Sopov
Gamza Khanzadaev
