Alert Bitcoin will continue to dump so do your trades according to your risk management and deep research and analysis.
Up to 99% of Mt. Gox's $8.2B Bitcoin could be sold: Analyst said
Most of the Bitcoin being repaid by defunct exchange Mt. Gox will be market sold, threatening to cause more downside pressure for BTC.
According to finance analyst Jacob King, the Mt. Gox repayments could add $8.2 billion worth of additional selling pressure to Bitcoin's (BTC) price.
The analysts said that on-chain movements already point to the fact that Mt. Gox's creditors have started selling, King wrote in a July 4 X post:
"No Bitcoiner will say this out loud, but the majority of the $8.2 Billion in $BTC that is set to be distributed back to ex- clients are going to be sold off."
The gloomy prediction comes hours after Mt. Gox began repaying its debts in Bitcoin and Bitcoin Cash (BCH), the collapsed crypto exchange announced on July 5.
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