JPMorgan: Mt. Gox Creditors May Sell Some Bitcoin Next Month
Mt. Gox creditors are expected to sell some of their bitcoin receivables next month, which could put pressure on cryptocurrency markets but could start to recover from August, according to analysts at JPMorgan Chase, The Block reports.Mt. Gox creditors are set to receive 142,000 bitcoins from July through October, worth about $9 billion at current prices.
Despite the October deadline, JPMorgan analysts believe that the bulk of the repayments will take place in July. fTX creditors are also expected to receive repayments in the coming months, but these repayments will be in the form of cash, rather than in-kind repayments to Gemini and Mt. Gox creditors, the analysts said. Analysts say these repayments from FTX could bolster the cryptocurrency market, potentially reinvesting money into assets.
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