Gemini

Bitcoin

Summer

<p>Creditors of the former exchange platform Mt. Gox are set to receive their Bitcoin repayments as early as July. According to JPMorgan, these distributions could lead to significant sales in the market, exerting short-term pressure on the price of BTC and other cryptos.</p> 
<h2 id="h-a-massive-influx-of-bitcoin-into-the-market">A massive influx of Bitcoin into the market</h2> 
<p><a href="https://www.cointribune.com/en/bitcoin-the-old-sea-serpent-mt-gox-resurfaces/" target="_blank" rel="noreferrer noopener">Mt. Gox</a> plans to repay around 142,000 bitcoins to its creditors between July and October, with an estimated value of $9 billion. JPMorgan analysts anticipate that the majority of these distributions will occur in July. This sudden influx of a large volume of Bitcoin into the market is causing concern among observers.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>Indeed, JPMorgan experts <a href="https://www.theblock.co/post/302217/jpmorgan-mt-gox-bitcoin" target="_blank" rel="noreferrer noopener">estimate</a> that many creditors may be tempted to quickly sell their newly recovered assets. Some holders have been waiting for this repayment <a href="https://www.cointribune.com/en/crypto-10-years-later-mt-gox-finally-repays-its-creditors/" target="_blank" rel="noreferrer noopener">for nearly 10 years</a> and see the Bitcoin price much higher than at the time of Mt. Gox’s bankruptcy in 2014. This dynamic could create strong short-term selling pressure.</p> 
<p>JPMorgan analysts predict that these potential sales in July could weigh on the entire <a href="https://www.cointribune.com/en/bitcoin-mt-gox-movements-will-not-affect-the-price/" target="_blank" rel="noreferrer noopener">crypto market</a>. However, they foresee a possible rebound as early as August, once the initial wave of liquidations has passed.</p> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noreferrer noopener">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div> 
<h2 id="h-a-context-of-multiple-repayments-in-the-crypto-ecosystem">A context of multiple repayments in the crypto ecosystem</h2> 
<p>The case of Mt. Gox is part of a broader context of repayments within the crypto sector. Recently, creditors of Gemini Earn received $2.18 billion in digital assets. JPMorgan believes that a portion of these assets has probably already been sold, contributing to the recent price decline.</p> 
<p>Furthermore, <a href="https://www.cointribune.com/en/crypto-ftx-an-unprecedented-financial-restructuring-plan-to-repay-its-creditors/" target="_blank" rel="noreferrer noopener">creditors of FTX</a> are expected to receive their cash repayments after October 7, for an estimated amount between $14 billion and $16 billion. Unlike the in-kind distributions from Mt. Gox, these cash payments could have a positive effect on the market. JPMorgan analysts anticipate that many pro-crypto creditors will reinvest these funds in digital assets.</p> 
<p>The coming months are expected to be eventful for the crypto market. Between potential sales related to Mt. Gox in July and the reinvestments of FTX creditors at the end of the year, prices could experience <a href="https://www.cointribune.com/en/ripple-floods-the-crypto-market-with-millions-of-tokens-is-xrp-in-peril/" target="_blank" rel="noreferrer noopener">high volatility</a>.</p>

The Specter of Mt. Gox Looms Over Bitcoin: JPMorgan Predicts a Stormy Summer

Съдържание

Cointribune EN

Други статии, публикувани на 28.06.2024 г.

US SEC Signals Smooth Process for Ethereum ETF Approval, DOGE Whales are Buying This Altcoin For ...

Mummy Tate Memecoin Will Jump Another 11,000% After Hitting $150,000 Market Cap, Looks to Challen...

Chainlink Investors Hold Assets

Playboy Biden (PLAYBID) Will Surge 11,000%, Looks to Challenge Shiba Inu and Dogecoin

Bitcoin Holds Steady as Altcoins Surge

FATF Removes Turkey from Grey List

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!