After a 10-year wait, investors of the failed cryptocurrency exchange Mt. Gox have finally received some good news. Gox will soon start distributing funds.
According to data from the Arcane Research, Mt. Gox transferred 47,228 bitcoins worth $270.8 million to two addresses. After a series of test transactions on Thursday, the distribution of compensation funds appears to be imminent.
While many investors are pleased to finally receive their long-awaited funds, this is not good news for everyone.
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According to cryptocurrency experts, Bitcoin is expected to drop to $50,000. The threat of a large-scale sell-off has investors on edge, with Mt. Gox looming as a threat pushing the downward trend.
The German government has also sold a large amount of bitcoins, reportedly causing the price of Bitcoin to plummet below $600,000.
At the time of writing, the Bitcoin trading price is $56,900, down 24% in the past 5.7 hours, with a trading volume of $4.26 billion.
