Two years ago, the bitcoin and crypto market started to drop. On November 10, 2021, bitcoin hit its highest price ever, $69,000. But since then, its price has been going down. This drop began when MtGox (a platform where bitcoin was stored) said they had a plan to repay people who lost their bitcoins in a hack years ago. But even after two years, they haven't started paying people back. They keep delaying and now say they won't pay until October 31, 2024.
They're saying they need more time to get all the info from the people who lost bitcoins, confirm it, and work with banks to pay them back. But this delay is a bit odd because they already knew these steps would take time. It seems they're having trouble getting the right info, especially because some people claiming repayments aren't the original bitcoin owners.
Though they're pushing the deadline, they're planning to start paying back those who gave them the needed info by the end of this year. MtGox has a lot of bitcoins and cash. Selling these bitcoins could have affected the market before, but now it might not make a big difference because more people want bitcoins. Also, they might not sell them all at once, and some people waiting for repayments might hold onto the bitcoins instead of selling them.
There are different ways people might get repaid: they could get cash, bitcoins, or a mix of both. MtGox also has some cash from selling bitcoins before, which might still be there. Last time I talked about MtGox, I didn't think they'd repay everyone by 2023, and it seems I was right. Now, it looks like it might take all of 2024.
In the past two years, the prices of bitcoin and other cryptos went down, but the tech behind them got better. The systems using decentralized networks (like blockchain) improved a lot. There were some bad things that happened, like companies collapsing, but people learned from these experiences.
One interesting project is Speak Network. They're creating cool solutions that might work for many decentralized systems, not just one. There are many other projects like this on different networks. Despite the market going down, these advancements are like a bull market in technology.
Bitcoin, other cryptos, and systems like Hive are doing well now. It seems like things might get even better in 2024, not just with prices but with how technology helps more people.
