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Bitcoin threatens $60,000 on MtGox News, but sales could be less than feared

At least one analyst believes that fewer coins will be distributed than commonly thought and therefore selling pressure could be less than expected.

Bitcoin is leading the sharp decline in cryptocurrency prices on Monday after the administrator of defunct cryptocurrency exchange Mt. Gox said it will begin returning more than 140,000 BTC in July to customers whose assets were stolen in a 2014 hack. .

Those who sell today are contemplating the effect of more than 140,000 bitcoins hitting the market in less than a month. Putting that number in perspective, it would be slightly less than the immediate liquidation of Fidelity's spot bitcoin ETF, which at last check held 167,375 bitcoins.

"We believe that fewer coins will be distributed than people think and that this will cause less selling pressure on bitcoin than the market expects," said Alex Thorn, head of research at Galaxy.

Thorn said his research suggests that 75% of creditors will accept "early" payment in July, meaning a distribution of about 95,000 coins. Of that, Thorn believes 65,000 coins will go to individual creditors, but he believes more "diamond hands" may result than most expect. Among the reasons, he said, is that they have already weathered years of "compelling and aggressive claims fund offers," not to mention the capital gains taxes involved, given that bitcoin has risen 140-fold since the bankruptcy.

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