Following the announcement that the bankrupt crypto exchange Mt. Gox would be initiating repayments for its users, the price of Bitcoin experienced a sudden drop. Approximately 127,000 Mt. Gox creditors, who have been eagerly awaiting access to their funds for over a decade, are set to receive over $9.4 billion worth of Bitcoin. Bloomberg’s senior ETF analyst, Eric Balchunas, has warned that this influx of funds into the market could result in substantial selling pressure.
