MT GOX BULL WORM đš
This month, 141,686 BTC will be repaid by Mt. Gox.
With speculation that Bitcoin would reach $45K or $40K, the market is selling off its holdings.
First, let's dispel the myths surrounding the Mt. Gox leak. According to
(make a note of it)
Distribution of Mt. Gox BTC will occur in three stages.
- Prepayment spanning July to October
- Settlement in the middle (Creditors in the end)
- Last payment (made at a later date)
Okay, let's get down to brass tacks regarding the early paymentâ71,403 BTC.
There are several kinds of investors among them.
- Independent debtors
- Money on credit
- Bartering
When Mt. Gox was compromised, Bitcoin was worth $600; holders have since seen a hundredfold increase.
There will be a lot less selling since the market is already in a bullish trend.
So, we're going to pretend that half of the coins sell.
A total of $35,700 BTC, or $2.1 billion, will be sold.
The market is now able to withstand a sell pressure of 6,000 to 10,000 BTC due to the low inflows of ETFs.
Bitcoin can easily withstand daily sell pressure of 15,000 to 25,000 USD when ETF inflows are substantial.
The market's reaction to 35,700 BTC will be less severe than first thought.
People were putting too much stock in the Mt. Gox selling, which led to the BTC dump.
In my opinion, Bitcoin will find support between $44,000 and $52,000, and the only thing that might cause it to go below that is a black swan event like a pandemic or war.
#MtGoxJulyRepayments #BTC $BTC
