Odaily Planet Daily News: As time enters July, Mt.Gox is expected to start repaying nearly $9 billion worth of cryptocurrency to thousands of users in a few days. As of Monday, the price of Bitcoin remained in the $62,000 range, which means that Mt.Gox users who chose to be compensated in kind have seen the value of their available compensation soar by more than 10,000% in the past decade. But most analysts believe that the impact of the Mt.Gox-related sell-off is controllable and short-lived. Lennix Lai, chief commercial officer of OKX, said that many of Mt.Gox's early users and creditors are long-term Bitcoin enthusiasts who are unlikely to sell all their Bitcoin immediately. James Butterfill, head of research at CoinShares, said that the Federal Reserve's new interest rate forecast is one of the possible reasons for Bitcoin's recent price drop. This year, Bitcoin's daily trading volume on trusted exchanges has remained at $8.74 billion, indicating that liquidity is sufficient to absorb Mt.Gox's potential sell-off in the summer. CCData research analyst Jacob Joseph also believes that the market is fully capable of absorbing selling pressure. A large portion of creditors may take a 10% write-down on their bonds to get repaid in advance, rather than having all of their bonds liquidated on the open market. Alex Thorn, head of research at Galaxy Digital, pointed out that the amount of Bitcoin that will eventually be compensated by Mt.Gox will be less than people think, which means that the selling pressure will be less than the market expects. Vijay Ayyar, head of consumer growth in Asia Pacific at Gemini, said that given the diverse recipients of the funds, the overall impact of the Mt.Gox payment event may "dissipate" because "a large amount" of Bitcoin will actually be issued to the claims fund. (CNBC) Earlier news, JPMorgan analysts said that Mt.Gox creditors are expected to sell some of their Bitcoin receivables in 7 months, which may initially (while in progress) put pressure on the crypto market, but the market may recover from August because FTX creditors also expect to receive repayments in the coming months. Analysts further said that these repayments from FTX may support the crypto market, and creditors may reinvest funds in crypto assets.
