The Bitcoin price plunged this week, sinking below $55,000 for the first time since February as the now-defunct Mt Gox exchange began distributing billions in owed funds.

Mt Gox announced it has started repaying creditors, ending years of waiting stemming from its 2014 collapse. The Japan-based exchange will distribute approximately $9 billion worth of Bitcoin, Bitcoin cash, and fiat currency.

The news added heavy selling pressure on Bitcoin, which fell over 6% on Friday to trade near $54,000. The broader Bitcoin and crypto market shed over $170 billion in 24 hours amid the declines.

On Thursday evening, Mt Gox moved around 47,000 Bitcoin worth nearly $2.7 billion from cold storage wallets…

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Taiwan Mobile, a major player in Taiwan’s telecommunications industry, has been officially registered as the 26th virtual asset service provider (VASP) by the Financial Supervisory Commission. This landmark approval paves the way for the company, valued at 431.90 billion TWD, to potentially launch its own cryptocurrency exchange, heralding a new era in digital asset integration within traditional services.

On July 5, local reports confirmed that Taiwan Mobile’s application was spearheaded by General Manager Zhichen Lin. The company’s new status not only allows for the exploration of innovative cryptocurrency applications but also signals a considerable advancement in digital asset adoption across mainstream platforms.

The telecom giant is reportedly exploring collaborations with local cryptocurrency platforms and may even venture into operating its own crypto exchange. This strategic move is poised to meet the rising demand for cryptocurrencies, demonstrating Taiwan Mobile’s commitment to diversifying its service offerings in the digital age.

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Mt. Gox, once the world’s leading cryptocurrency exchange, announced on Friday that it has commenced repayments to its customers in Bitcoin and Bitcoin Cash, concluding a nearly 10-year wait for many to recover their lost crypto. In its prime, Mt. Gox managed over 70% of all Bitcoin transactions. However, the exchange declared bankruptcy in early 2014 following a massive hack that resulted in the loss of approximately 740,000 Bitcoin.

The long-awaited repayments have created significant selling pressure on Bitcoin and the broader crypto market. Mt. Gox had previously announced in June that repayments would begin in July, leading to heightened market volatility. The news has exacerbated this instability, causing Bitcoin’s price to drop to $54,000, its lowest in five months. This steep decline resulted in over $580 million in bullish bets being liquidated as investors reacted to the influx of Bitcoin and Bitcoin Cash into the market.

The repayment process is a pivotal moment in cryptocurrency history, marking the end of a prolonged saga for former Mt. Gox users. However, the immediate impact on the market highlights the lingering effects of the exchange’s collapse and the complexities involved in large-scale asset restitution within the crypto ecosystem.

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