Bitcoin price dribbles at $9k at Gox update

This week the Bitcoin market stuck in around $9k just after reaching down to $7k less than a week ago. Back at the tail end of February, Bitcoin price in USDT hit above $11k, and promptly fell to 10, 9, and 7 over the next week. Now we're seeing a bit of news that'll likely lead to a new rally.

On Tuesday morning, Coincheck Inc. suggested it'll refund its users a whopping $435 million USD (converted from Yen) to those affected by the hack of their system this January. This exchange will happen soon – not immediately, but soon. Users found themselves out large amounts of NEM earlier this year due to a hack of Coincheck.

Now the company will refund users their NEM's-worth in Yen. Each NEM lifted will be refunded at a rate of 88.549 yen (per coin.) It's unlikely users will re-invest in coins via Coincheck, instead opting for services that did not get hacked at all this year – of course that leaves their options a bit thin.

Bitcoin Cash, Ether, Litecoin, Ripple, and more were down this morning compared to yesterday's prices at the time this article is set to go live. Each of these coins were down only by tiny amounts compared to yesterday – single-digit percentages, as it were. This MAY mean the market is about to turn around.

News that Bitcoin whale Nobuaki Kobayashi would stop dumping his massive horde of Bitcoin this week may very well have stoppered the leak that's taken place over the past two weeks. This does not seem to be due to any ruling related to Mt. Gox, but that a proceeding dealing with Mt. Gox may take place in September.

As it is with articles related to cryptocurrency, nothing posted here should be taken as financial or investment advice. SlashGear takes no responsibility for the actions of the reader before, during, or after reading this text.