Bitcoin

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<ul class="news-points">
 <li>Selling pressure from the Mt.Gox selloff is yet to enter the Bitcoin market.</li>
 <li>Mt. Gox wallet still holds 138,000 Bitcoins.</li>
 <li>Not all disbursed Bitcoins would be sold by Mt.Gox investors.</li>
</ul>
Research analysts believe selling pressure from the Mentougou and Mt. Gox debacles has not yet fully entered the Bitcoin market. According to Cycle Capital, as of July 12, 138,000 BTC remained in the Mentougou account address.
The research firm <a href="https://medium.com/@Cycle_Capital_/cycle-capital-%E9%97%A8%E5%A4%B4%E6%B2%9F%E8%BF%98%E6%AC%BE%E6%8A%9B%E5%8E%8B%E5%88%86%E6%9E%90-021c6ffd2d0c" target="_blank" rel="noopener noreferrer nofollow">highlighted</a> that the selling pressure on July 5 was only a partial realization of the expected decline resulting from Mentougou.
Cycle Capital expects Mentougou creditors to sell some of their BTC after the exchange issues the scheduled refund. The research firm considered the accumulated profit on the Bitcoins, which could amount to about 120x at maximum. The firm noted that some creditors may have sold their debts at lower costs, amounting to 24x potential profit. Therefore, the partial sell-off may have come from those categories of holders, while institutions that bought the debts are likely to hold their coins longer.
For context, hackers stole 850,000 Bitcoins from the Mt. Gox crypto exchange in 2013, forcing the exchange into…
The post <a href="https://coinedition.com/how-to-prepare-for-the-mt-gox-and-mentougou-bitcoin-unwind-strategies-for-investors/" rel="noopener noreferrer nofollow">How to Prepare for the Mt. Gox and Mentougou Bitcoin Unwind: Strategies for Investors</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

How to Prepare for the Mt. Gox and Mentougou Bitcoin Unwind: Strategies for Investors

Coin Edition

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