đ Bitcoin Hits $65K Shaking Off Mt. Gox Payout Worries
The crypto rebound from last week's low showed no signs of stopping with bitcoin (BTC) hitting its highest price in four weeks on Tuesday.
BTC surged above the $65,000 level for the first time since late June, shrugging off a dip below $63,000 earlier in the day as wallets related to the defunct Mt. Gox exchange's estate moved $2.8 billion worth of BTC, likely preparing to distribute assets to creditors in the coming days.
The strongest performer among altcoin majors was XRP (XRP), the native token of the XRP Ledger payment network, up 9% during Tuesday and extending its weekly gains to 35%.
The token's rally is supported by whales, or large asset holders, increasing their holdings, in a sign conviction in higher prices, crypto data provider Santiment pointed out.
Another catalyst was traditional derivatives trading powerhouses CME and CF Benchmarks announcing indices and reference rates for XRP. These offerings may boost institutional adoption for XRP, Brad Garlinghouse, the CEO of closely related blockchain payments firm Ripple, suggested.
đž Mt. Gox sell pressure "overestimated"
As Germany's BTC sales are behind, crypto investors mull how much of the $9 billion bitcoin about to be distributed to creditors will be dumped on the market to capitalize on the asset's appreciation after ten years of waiting.
Ki Young Ju, CEO of crypto analytics firm CryptoQuant, argued that fears over the sell pressure is "overestimated" and will not derail the crypto rally underway.
"I believe this distribution won't end the bullish trend, as the coins are expected to react to market sentiment similarly to the existing bitcoin supply," he explained in an X post. "Unlike the German government selling, Mt. Gox creditors aren't forced to sell, so it's not purely sell-side liquidity."
Well-followed crypto and macro analyst Alex KrĂŒger estimated a 10% price drop at maximum for bitcoin if creditors dump their reclaimed assets en masse, Ju pointed out.
