Sources: The two largest creditors of Mt.Gox choose to collect their claims mainly in Bitcoin

According to reports, according to people familiar with the matter, the two largest creditors of Mt. Gox, a crypto exchange that collapsed nine years ago due to hacker attacks, have chosen to collect their claims mainly in Bitcoin (BTC). Bitcoinica and MtGox Investment Funds (MGIF), the cryptocurrency exchange headquartered in New Zealand, together account for about one fifth of the total claims of Mt. Gox, and will receive 90% of the recoverable funds. This decision may alleviate the long-term concern of Bitcoin holders that the liquidation related to the bankruptcy claim of Mt. Gox may put pressure on the price of Bitcoin, because if these two creditors choose to pay in legal currency, the trustee supervising the bankruptcy property may be forced to sell most of Bitcoin recovered by Mt. Gox to meet the payment requirements in legal currency.

Interpretation of this information:

Recent reports revealed that Bitcoinica and MtGox Investment Funds (MGIF), the biggest creditors of the defunct crypto exchange, Mt. Gox, have opted to receive their claims in Bitcoin. Mt. Gox suffered from a hacking incident in 2014, leading to its eventual collapse, and since then, stakeholders have been hoping to recover their funds. The two creditors mentioned above, who own 20% of the entire claims of Mt. Gox, will obtain 90% of the recoverable assets. This decision is expected to stabilize the market, as it will prevent a massive sell-off of Bitcoin by the trustee, which could trigger price drops.

The decision of Bitcoinica and MGIF to accept Bitcoin, rather than legal currency, can help alleviate the concerns of Bitcoin holders regarding the liquidation process related to the bankruptcy claim of Mt. Gox. Forced selling of the Bitcoin held by Mt. Gox could have had significant implications for the market’s price action. By choosing to settle for Bitcoin, these creditors have provided an alternative to the requirement of liquidating the Bitcoin assets of Mt. Gox to pay creditors who prefer legal currency.

This recent development is a significant boost for the crypto market, where Bitcoin continues to dominate, with a market capitalization holding of over 60%. The crypto market is already on the verge of a rally, as institutional investors continue pouring investments into the market. Furthermore, global acceptance of cryptocurrencies as a legitimate investment option is dramatically increasing; this fact could drive the crypto market to an all-time high.

In summary, the two biggest creditors of Mt. Gox, who have chosen to collect their claims mainly in Bitcoin, have helped prevent a large sell-off of Bitcoin by the trustee, which could have put massive pressure on prices. This decision by Bitcoinica and MGIF also enhances the overall stability and growth of the crypto industry. The three keywords that could summarize this news are: Mt. Gox, Bitcoin, and creditors.