Bitcoin (BTC) 
$62,792the bankrupt cryptocurrency exchange Mt. It rose over 6 percent on news that Gox was extending the deadline for creditor payments. This development supported the upward momentum that Bitcoin has achieved recently.
Mt. Latest Status in Gox Payment Process
Mt., which started creditor payments in July. Gox has made significant progress in the “Basic Repayment, Early Bulk Repayment and Interim Repayment” phases. However, many creditors have not yet received their payments because they could not complete the necessary procedures.
The Rehabilitation Trustee postponed the deadline by one year to expedite the payment process with court permission. The deadline, originally set as October 31, 2024, was extended to October 31, 2025 to give creditors additional time. This decision provides significant relief for many people waiting for payment.
Mt., which once controlled 70 percent of Bitcoin trading. Gox stopped its operations as a result of a major cyber attack in 2014. Although most of the lost Bitcoins have since been recovered, the company’s bankruptcy process is still ongoing. The uncertainty of the payment process has created selling pressure concerns in the Bitcoin market, leading to volatility at times.
The Rehabilitation Deputy stated the following in his statement regarding the postponement decision:
“We have not been able to make payments yet because many creditors have not been able to complete the necessary transactions. In addition, disruptions in the process also prevented this. “In order to make fair payments to creditors, we decided to extend the deadline until October 31, 2025, with the approval received from the court.”
Reaction of Bitcoin Price to the Decision
With this news, BTC is trading at $62,635 at the time of writing and has gained 4 percent in value in the last 24 hours. The market was positively affected by the reduced uncertainty regarding the payment process.
Mt. Gox’s payment process may reduce the likelihood of selling pressure on Bitcoin while giving lenders time to complete their transactions. This development may contribute to restoring confidence in the crypto market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
