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Home»ADOPTION NEWS»Despite Mt Gox Selloff, Market Manipulators and Investors Are Cautiously Bullish on BTC
ADOPTION NEWS

Despite Mt Gox Selloff, Market Manipulators and Investors Are Cautiously Bullish on BTC

By Crypto FlexsJuly 6, 20243 Mins Read
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Despite Mt Gox Selloff, Market Manipulators and Investors Are Cautiously Bullish on BTC
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Despite the widespread sell-off in the cryptocurrency markets following Mt Gox’s decision to pay its creditors, $665 million In daily liquidations, some market makers and investors remain optimistic about Bitcoin’s medium-term prospects.

“The amount that is due will be a burden in the third quarter,” GSR co-CEO and co-founder Rich Rosenblum told The Block.

“It’s almost Bitcoin

+1.93%
“It will be mined in the first year after the halving,” he said. “But once it’s digested, there’s still plenty of time for it to hit a new all-time high before the end of the year.”

Teddy Fusaro, President of Bitwise Posted on X Despite the current downward price pressure, “Since BTC distribution is in the form of coins/spot, it is not known how many of these coins will ultimately be sold or what percentage will be sold.”

Fusaro also referenced a recent thread by Galaxy’s head of research Alex Thorn, in which Fusaro said he “expects a significant portion of BTC to be bought.”

Are there fewer products hitting the market than you expected?

Thorn dug deeper into the numbers in that thread, speculating that “fewer coins will be distributed than people think, which will create less #bitcoin selling pressure than the market anticipates.”

Thorn explained that Mt Gox lost 940,000 BTC but only recovered 141,868 BTC, or about 15%, and that creditors who wanted to be paid now would have to receive a 10% reduction, with a significant portion of these funds set to be repaid to the claims fund. This means that the total amount that could potentially come onto the market should be less than 141,868.

Since most creditors were early adopters of Bitcoin and have already rejected the indemnity fund’s proposal, Thorn argued that creditors are more likely to hold Bitcoin than the market thinks.

Mt. Gox 47,228.7 BTC moved (about $2.71 billion) was deposited into another wallet on Thursday, raising concerns that a large amount of bitcoin could flood the market and cause problems. price It is expected to fall below $54,000. According to a trustee document released early Friday, creditors may have to wait up to three months for repayment, depending on the exchange where they filed their claims.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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