Bitcoin Cash's Mt. Gox-Led Sell-Off Is Amplified by Poor Liquidity
What caused Bitcoin Cash's price to fall last week?
Bitcoin Cash's (BCH) price fell 20% last week, its biggest loss in three months, due to Mt. Gox announcing creditor repayments. The defunct exchange said it would begin paying back creditors the roughly $9 billion worth of tokens taken in a 2014 hack, including $73 million worth of BCH. This led to panic selling by BCH holders, anticipating potential mass liquidations by the Mt. Gox creditors, which was amplified by poor liquidity across centralized exchanges.
How much did BCH's price drop last week?
BCH's price dropped by 20% last week, marking its biggest loss in three months. This sell-off was triggered by Mt. Gox's announcement of creditor repayments, which included $73 million worth of BCH. The subsequent panic selling by BCH holders was exacerbated by poor liquidity across centralized exchanges.
What is the total value of tokens Mt. Gox is repaying?
Mt. Gox is repaying creditors roughly $9 billion worth of tokens taken in a 2014 hack2. This includes $73 million worth of Bitcoin Cash (BCH), equating to 20% of the token's daily trading volume. The repayments, which began in early July, are expected to have a significant impact on the cryptocurrency market.