Bitcoin (BTC) has experienced a turbulent ride recently, facing a continuous sharp drop to $38,500 from January 12th until January 24th, which experienced a recovery of the $40,000 level.
Several factors have contributed to this volatility, including the trading launch of the Bitcoin spot in the US Exchange-Traded Funds (ETFs), which led to significant selling pressure from asset manager Grayscale, and concerns surrounding the unlocking and repayment of Mt. Gox, the failed BTC exchange.
Repayment Sparks Selling Pressure Heightened Volatility
As reported by Bitcoinist on Monday, the Mt. Gox trustee has confirmed initiating a verification process for eligible repayment clients of the defunct exchange.
Clients have received an email outlining the steps for confirming account ownership and receiving repayments in BTC and Bitcoin Cash (BCH) through designated crypto exchanges, Bitstamp and Kraken.
The crypto community is on high alert as the repayment process could significantly relea
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