Mt Gox cryptocurrency exchange, which went bankrupt after the hacking incident in 2014 and left tens of thousands of people with billions of dollars worth of Bitcoin receivables as creditors, started paying its customers.
As the payments reached customers, there was a sudden decline in the cryptocurrency market.
BTC price has lost approximately 1% in the last hour.
However, there is also an important altcoin that is directly linked to Mt Gox payments and therefore faces a sudden decline.
Bitcoin Cash (BCH) experienced a deep decline of 3.75% in the last hour. The decline in the last 24 hours was measured at approximately 7%, which is a high rate even for the cryptocurrency market.
BCH, which was traded at around $ 395 earlier in the day, is trading at $ 364 at the time of writing this article.
In fact, in 2014, there was no cryptocurrency called Bitcoin Cash. BCH was created in 2017 as a hardfork of Bitcoin and BCH coins were distributed to BTC holders. Thus, BCH assets were added to the assets of Mt Gox's BTC creditors, and therefore these payments are now also taking place.
*This is not investment advice.
