Bitcoin and Ethereum holders alert: Merge coincides with creditor notice deadline for Mt.Gox


  • Mt.Gox announced the deadline for transferring creditor claims as September 15, coinciding with Ethereum’s Merge. 
  • 2.72 billion in Bitcoin could be released the same week as Ethereum goes through the most highly anticipated event, the Merge. 
  • Analysts recommend being cautiously optimistic in Bitcoin and Ethereum before a pullback in the assets. 

Mt.Gox announced that September 15 is the deadline for creditor claims. This coincides with Ethereum’s Merge, a long awaited event in crypto history. Therefore, Bitcoin and Ethereum holders need to be cautiously optimistic according to analysts. 

Also read: Trade Ethereum for free on Binance: World’s largest exchange waves fees for a month

Mt.Gox Bitcoin release and the Merge, chaos?

Mt.Gox, a defunct crypto exchange, is set to announce a date for Bitcoin release soon. The creditor claim deadline coincides with the same week as Ethereum’s Merge. Proponents believe two milestone events in the same week could result in chaos. Mt.Gox is working on reimbursing users their funds after the exchange went defunct. In a notice to creditors, released by Nobuaki Kobayashi, Mt.Gox trustee, the distribution of funds to former customers of the defunct crypto exchange Mt. Gox will begin on September 15. 

The exchange owes creditors 141,686 Bitcoin (BTC), 142,846 Bitcoin Cash (BCH) and 69,776,002,441 Yen following a 2014 hack. The hack resulted in a loss of 850,000 Bitcoin of creditors. September 15 is a deadline for creditors to make or transfer a claim and there will be an initial base payment for all. Richard Heart, a crypto marketing expert shared details of Mt.Gox’s repayment to creditors. 

Mt.Gox claim settlement

Mt.Gox claim settlement

Mt.Gox Bitcoin dump and its impact on BTC price

While influencers believe Mt.Gox Bitcoin release is a bearish scenario for BTC price. Instead of a one-time 850,000 Bitcoin liquidation, the exchange will offer combination payouts therefore a BTC dump is unlikely. Creditors have the option of choosing payment options, therefore it is unlikely that the entire Bitcoin payout will trigger a decline in the asset’s price. 

Bitcoin and Ethereum prices prepare for rally before pullback

Phoenix Ashes, a crypto analyst on Twitter argues that Bitcoin and Ethereum prices could witness a rally before a pullback. Events post the Merge could trigger a decline in Ethereum price $1,552. 

Ethereum-USDT price chart

Ethereum-USDT price chart 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP