Mt. Gox to Release $5.35 Billion in Bitcoin to Creditor

<h1 class="d-none">Mt. Gox Set to Distribute $5.35B in Bitcoin to Creditors</h1> <h2 class="d-none">Mt. Gox Prepares $5.35B BTC Payout to Creditors</h2> Mt. Gox Set to Distribute $5.35B in Bitcoin to Creditors

Defunct crypto exchange Mt. Gox is set to distribute $5.35B worth of Bitcoin to creditors, causing selling pressure on BTC.

Mt. Gox has started test transfers of small amounts of Bitcoin, signaling the upcoming distribution of 80,128 BTC to creditors.

Over the past two weeks, Mt. Gox moved nearly 50K BTC to creditors on Kraken and Bitstamp, despite some initial withdrawal issues.

BTC is down 4%, slipping under $66,500 after facing strong rejection at the $70,000 resistance level.

Adding to the pressure, the US government is moving 29,800 BTC from Silk Road, further impacting Bitcoin's price stability.

As long as Bitcoin holds $65,900, analysts predict limited downside and a potential quick bounce to $68,000 despite the current volatility.

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