Mt. Gox has once again delayed its planned repayments by 12 months, according to the trustees of the defunct crypto exchange. Initially, the deadline for repayments was set for October 31, 2023, but it has now been pushed back to October 31, 2024. Mt. Gox’s creditors have been seeking relief for the past decade after the exchange was hacked in 2014, resulting in the theft of 850,000 bitcoins worth nearly $23 billion.
The exchange managed to recover around 20% of the stolen tokens. Despite the delay in repayments, Bitcoin has struggled to gain upward momentum, as analysts have expressed concerns that the repayments could lead to increased supply and price weakness. The collapse of FTX has also impacted the depth of the crypto market, making it more susceptible to negative price impacts from large sell orders.
On a different note, the native token of the non-fungible tokens platform ImmutableX, called IMX, experienced a surge in value driven by South Korean traders. During Asian trading hours, the cryptocurrency rose by 35% to reach 74 cents. Meanwhile, major cryptocurrencies like Bitcoin, Ethereum, XRP, and Binance Coin traded slightly lower by 0.5% to 1%.
The rally in IMX’s price was accompanied by a 22% increase in the 24-hour global trading volume, which reached $556 million. The IMX/Korean won pair listed on South Korea’s Upbit exchange accounted for nearly 20% of the global activity, followed by Binance’s IMX/tether pair, which contributed 7% to the total volume, according to Coingecko.
The dominance rate of Bitcoin, which represents its share in the overall crypto market, is once again trending upwards. This increase in dominance comes despite Bitcoin trading below its peak in July, suggesting that money is being shifted out of alternative cryptocurrencies and into Bitcoin.