Alex Thorn believes that Bitcoin Cash (BCH) is the one that is likely impacted much worse than Bitcoin (BTC) from the Mt. Gox distributions.
Contrasting repayment strategies by Mt. Gox, Gemini, and FTX raised questions about market stability and investor sentiment.In fact, at the time of writing, while ETH surged by 1.58% in the past 24 hours, BTC was flashing red candlesticks on its daily charts trading at $61K.Here, Thorn is referring to a massive hack that Mt. Gox suffered in 2014, resulting in the loss of 740,000 BTC .
The repayments, starting in July 2024, will be made in Bitcoin and BCH. This could increase selling pressure on these cryptocurrencies, as creditors will receive and potentially sell off their newly acquired assets.To keep an eye on this situation, many execs suggested relying on Bitcoin exchange balances as a reliable indicator of Bitcoin’s price strength.“The supply aspect IMO is overrated. BTC on exchanges dropped during the entire bear market yet, BTC price continued down with it.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin: Is Mt. Gox’s $2.9B BTC transfer signaling a market turmoil?Arkham Intelligence has revealed that Mt. Gox exchange has made a transfer of nearly $3 billion in BTC in the early hours of today.
Read more »
Bitcoin: How Mt. Gox’s $9B BTC transfer failed to stir the marketMt.Gox made a splash in the Bitcoin market when they transferred over $9 billion worth of the token, but Netflow remains unfazed.
Read more »
Mt. Gox to begin repaying creditors in July, sparking BTC sell-off – analyst says FUD overblownThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Bitcoin stalls at $68k after Mt. Gox jitters, bull analysts see higher prices aheadThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Large Mt. Gox Creditors Are Unperturbed by Looming Bitcoin DistributionAs the defunct exchange Mt. Gox inches closer to returning roughly $9 billion in Bitcoin a decade after filing for bankruptcy, crypto investors are increasingly fretting that will dampen prices. Perhaps they shouldn’t be.
Read more »
Bitcoin Retreats as Traders Mull Risk of Sales Linked to Mt. GoxBitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators have been stepping up efforts to return a $9 billion hoard of the largest digital asset to creditors.
Read more »