The Mt-Gox creditors, currently are experiencing a sign of relief as according to the recent update, attorney Nobuaki Kobayashi, trustee in the Mt.Gox confirmed the distribution of 150K Bitcoin. The creditors received a mail from the trustee that bought up the procedure of the rehabilitation plan. The creditors are now expected to receive Bitcoin or BitcoinCash as per the plan.
With the confirmation, the price of Bitcoin broke through consolidation and climbed above $21,000 at press time. As the crypto star gained momentum, FUD began circulating the space speculating that a huge BTC dump was fast approaching. According to many people, creditors can simply drop their holdings as they receive, which can create huge turbulence in the markets and cause the price of BTC to fall below $10,000.
On the other hand, some of the creditors claim this possibility is nothing by FUD to purposely bring the BTC price down. One of the creditors, Eric Wall, clearly stated to his 931,000 followers that he will not be selling a single satoshi.
Therefore, while many believe Bitcoin’s lows are very close and prices are likely to rise significantly through the end of 2022, the question arises, why will creditors sell their Bitcoin during the lows?
No doubt, they are already in profit as they bought the asset when BTC price was around $300 to $400 and now the asset is trading above $21,000. However, it should also be considered that the asset has marked its highs close to $70,000 and with the next leg up, the asset may enter the bull market. The history of the BTC cycle itself says Bitcoin after a year-long consolidation tends to surge high to form new highs.
While Mt.Gox creditors have waited 8 years to get their BTC back, they could wait a little longer until the price of Bitcoin (BTC) validates a strong uptrend.
