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Mt. Gox Bitcoin Redemption Could Significantly Impact MarketMt. Gox creditors are anticipated to liquidate up to 99% of their $8.2 billion worth of Bitcoin, a move that could exert substantial downward pressure on the cryptocurrency's price.
Analyst Jacob King highlights the potential for this massive sell-off to push $BTC back into bear market territory.
Bitcoin, which is currently trading at around $55,250, has already experienced a price drop, raising concerns about further declines as the redemption process unfolds.