Mt. Gox is set to start Bitcoin (BTC) and Bitcoin Cash (BCH) repayments in early July. This long-awaited move comes after extensive preparations by the Rehabilitation Trustee, Nobuaki Kobayashi.
The oldest cryptocurrency exchange in the world has reportedly been working diligently to ensure safe and reliable repayment to its creditors, adhering to necessary technical and legal standards.
The repayment process will kick off with cryptocurrency exchanges that have completed the necessary information exchange and confirmation processes.
This meticulous approach aims to safeguard the interests of the creditors and comply with financial regulations across various jurisdictions.
Preparations and technical measures
Each step in the preparation process has been critical. The team worked to create secure channels for repayment, ensuring that the technical infrastructure could handle the volume and complexity of these transactions.
They also focused on protecting the transactions from potential cyber threats, which is obviously a major concern in the crypto industry.
Moreover, Kobayashi’s team engaged in comprehensive discussions with various cryptocurrency exchanges. These discussions aimed to iron out any potential issues and ensure a smooth repayment process. The exchanges had to provide detailed information and undergo a strict verification process.
Only after these exchanges met the stringent requirements set by the Rehabilitation Trustee were they approved for repayment. The Rehabilitation Trustee consulted with legal experts and financial authorities in various countries.
Is Bitcoin about to bottom?
As soon as the repayment news became public, the crypto community has been speculating whether Bitcoin has bottomed, as per historical patterns.
Mt. Gox FUD usually signals the last drop before Bitcoin goes up again. The last time this happened was on January 23rd, marking the bottom, and then Bitcoin hit a new all-time high shortly after that.
Observing the BTC/USD chart, we see it saturated with double bottom patterns, a bullish reversal indicator suggesting potential upward price movements after each identified bottom.
Bitcoin is trading at around $61,500. Given the dense concentration of double bottoms and the oversold stochastic reading, there is a technical basis for expecting a short-term rebound.
If the double bottom patterns hold, Bitcoin might find support around the recent lows (~$60,000). Given the oversold condition, a minor rebound towards $62,000 – $63,000 is plausible. Resistance Levels: Near-term resistance is around $64,000, where previous consolidation occurred.
Reporting and analysis by Jai Hamid
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