(Wednesday, 03 July 2024, 08:59 GMT):
In the past 24 hours, Bitcoin $BTC has experienced a drop of 3.25%, falling from a high of $63,000 to the current price of $60,542. This recent dip has investors on edge, and QCP Capital, a leading digital asset trading firm in Singapore, believes the market might see even more bearish trends ahead.
QCP Capital's analysis highlights a key concern: the upcoming distribution of Bitcoin by Mt. Gox. Mt. Gox was once a major Bitcoin exchange that went bankrupt in 2014 following a massive hack. The company is now preparing to distribute around 140,000 Bitcoins to its creditors, a move that could potentially flood the market.
"The release from Mt. Gox, which is expected to start this week, could continue to put pressure on the market with as many as 140,000 Bitcoins, especially since the exact release schedule is still unknown," QCP Capital stated.
Earlier reports indicated that Mt. Gox would distribute nearly $9 billion worth of Bitcoin between July and October. The uncertainty about the exact timing of this distribution is causing anxiety among investors. They worry that the sudden release of such a large amount of Bitcoin could lead to a significant drop in its value, exacerbating the current bearish sentiment.
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