Bitcoin Cash

Galaxy

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/mt-gox-creditors-to-get-repayments" data-wpel-link="internal" rel="noopener noreferrer nofollow">Mt. Gox Creditors to Get Repayments</a><br></p>
<p style="text-align: justify">In July, creditors of the defunct Mt. Gox cryptocurrency exchange are set to receive approximately $9 billion in <a href="https://en.bitcoinhaber.net/analyst-foresees-bitcoins-potential-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and Bitcoin Cash (BCH) repayments. Analysts suggest that while Bitcoin’s price may remain relatively stable, Bitcoin Cash could experience more significant market effects.</p>
<h2 id="what-led-to-the-mt-gox-collapse">What Led to the Mt. Gox Collapse?</h2>
<p style="text-align: justify">The Japanese cryptocurrency exchange Mt. Gox collapsed in 2014 after losing around 940,000 BTC in a <a href="https://newslinker.co/category/cybersecurity/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">hack</a>. Since then, the exchange has managed to recover 141,687 BTC, valued at $8.5 billion. These funds will be distributed to creditors starting next month. Despite initial concerns, analysts like Tony Sycamore from IG Markets believe that the impact on Bitcoin’s price may be less severe than anticipated, as the market has already factored in much of the expected selling pressure.</p>
<h2 id="how-will-market-conditions-be-affected">How Will Market Conditions Be Affected?</h2>
<p style="text-align: justify">Sycamore notes that predicting the exact impact of the Mt. Gox repayments is challenging due to various historical factors. He estimates that about half of the BTC to be repaid (worth approximately $4.5 billion) will enter the market in July. However, he emphasizes that the anticipation of these repayments has long been accounted for in current <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>. The repayments arrive at a critical time amid worsening market sentiment, technical sales, and exits from spot Bitcoin ETFs.</p>
<h2 id="actionable-insights-for-investors">Actionable Insights for Investors</h2>
<p style="text-align: justify">– Long-term Bitcoin holders may hold onto their BTC due to capital gains tax considerations.<br> – Only 65,000 BTC out of the 141,000 BTC are expected to enter the market, reducing initial impact.<br> – Bitcoin Cash might face higher selling pressure due to its acquisition through the 2017 hard fork.</p>
<p style="text-align: justify">Despite the current market challenges, Sycamore points out that Bitcoin has found strong support around its 200-day moving average, suggesting potential for market recovery. He believes the market “flushed out” significantly in anticipation of the repayments, presenting a good entry point for new investors.</p>
<h2 id="what-about-bitcoin-cash">What About Bitcoin Cash?</h2>
<p style="text-align: justify">Galaxy Digital’s head of research, Alex Thorn, estimates that approximately 75% of creditors opted for early repayment by forgoing a portion of their repayments. This decision reduces the initial impact on the market, with only 95,000 BTC likely to be sold. Many Mt. Gox creditors are long-term Bitcoin enthusiasts who might prefer to hold onto their BTC rather than cashing out immediately. Additionally, Bitcoin Cash might face greater selling pressure as many investors acquired BCH through the 2017 hard fork rather than direct purchase.</p>
<p style="text-align: justify">Overall, while the Mt. Gox repayments are a significant event in the cryptocurrency market, analysts remain cautiously optimistic about Bitcoin’s price stability. However, Bitcoin Cash may face more immediate challenges due to higher potential selling pressure.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/mt-gox-creditors-to-get-repayments" data-wpel-link="internal" rel="noopener noreferrer nofollow">Mt. Gox Creditors to Get Repayments</a></h5>

Mt. Gox Creditors to Get Repayments

Зміст

BH NEWS

Інші статті, опубліковані 25 черв. 2024 р.

MoonBag Crypto Climbs to $2.9M in a Month and Becomes a Better Investment than Dogecoin and Binance!

Hollywood Actor Martin Lawrence Bullish On Cardano (ADA)

Bitcoin Plunges to $60K: Is Now the Perfect Time to Buy?

Bitcoin Price Fluctuates and Impacts Altcoins

New Solana Memecoin Pepe Loves 69 (PEPELO69) to Skyrocket 12,000% as KuCoin Listing Announced, Wh...

Bitwise CIO Bullish On Spot Ethereum ETFs: Envisions $15 Billion Inflows

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!