“The Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information for implementing the repayments,” an announcement stated.
The exact timeline of repayments will come “in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the require information.”
This news is a long-awaited relief for Mt. Gox’s estimated 127,000 creditors, who have been waiting over ten years to recover funds lost due to a security breach that went unnoticed for years. The exchange owes more than $9.4 billion worth of Bitcoin to these creditors.
Mt. Gox’s repayment plans have been closely followed in the cryptocurrency industry. In May, the exchange transferred $9.6 billion worth of Bitcoin to a new wallet, sparking speculation about the purpose of the move. Shortly thereafter, the rehabilitation trustee confirmed that the transfer was indeed part of the plan to repay creditors.
Bitcoin Cash Price Forecast: Road to $450?
BCH price has gained 11.6% in the last 24 hours, surging from the daily time frame low of $344 recorded on Tuesday, June 24, to reclaim the $390 level at the time of writing on June 25. This significant bounce-back suggests renewed interest from buyers, potentially reversing the recent downtrend.
In terms of short-term Bitcoin Cash price prediction, the Relative Strength Index (RSI) data, which has now crossed over the 30.0 threshold from below, suggests that bulls are now looking to regain a foothold in the BCH markets. This momentum shift is critical as it often marks the end of oversold conditions, leading to a potential rally.
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