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The Bitcoin holdings of bankrupt crypto exchange Mt. Gox saw its first movement in 5 years, spooking the market and causing the BTC price to crash by 4%.
In a series of transactions, the Mt. Gox wallet sent over $9.65 billion in BTC to 3 unknown wallets, on-chain analysis platform Arkham Intelligence reveals.
UPDATE: The Mt. Gox BTC has now been moved to 3 new wallets in the past hour, all receiving their first test transaction ~4 hours ago.
47.23K BTC ($3.22B)https://t.co/qDYHhY2K4n
47.23K BTC ($3.22B)https://t.co/iTvyu3lP5a
47.23K BTC ($3.22B)https://t.co/4qMgwy3116 pic.twitter.com/1gD9LHoGLn
— Arkham (@ArkhamIntel) May 28, 2024
Experts believe that the move is in preparation for the upcoming rehabilitation creditors repayment, which has a deadline of October 31st.
The Mt. Gox FUD has momentarily paused the Bitcoin price rally, with more selling pressure expected once Mt. Gox Rehabilitation Trustee initiates the repayment process. Therefore, the bearish possibility of a larger crypto crash cannot be dismissed.
Will the Bitcoin Price Crash Due to Mt. Gox FUD?
Experts are split in their opinions regarding the overall bearish impact of the Mt. Gox FUD.
Mark Karpeles of Joseon believes that there is no imminent sale of BTC planned as of yet and the Bitcoin movement today was largely a preparatory move.
Similarly, crypto analyst Myles Deutscher appears optimistic, considering that the market has known about the repayments since January of this year. However, he does expect some selling pressure and even more FUD.
Indeed, the fact that the disaffected users of Mt. Gox will be receiving their Bitcoin after a decade cannot be ignored, which could result in a significant BTC price crash.
Market getting spooked by the Mt. Gox transfers, with over $7b being moved to an unknown wallet.
This is ahead of the creditor repayment deadline on 31 Oct.
Personally I'm not worried – the market has known about the repayments since January, after they asked creditors for… pic.twitter.com/LkyWMEjvNh
— Miles Deutscher (@milesdeutscher) May 28, 2024
However, Deutscher points out that considering Bitcoin remains in the midst of a bull run, the Mt. Gox FUD could be an excellent opportunity for the sidelined investors to accumulate.
Best Altcoins to Buy Now?
With the recent approval of spot Bitcoin and Ethereum ETFs and the increasingly dovish stance of the Fed, the cryptocurrency market remains extremely bullish.
Therefore, any selling pressure – as is possible in the case of the Mt. Gox rehabilitation plan – is an excellent opportunity to ‘buy the dip’.
We list the 3 best altcoins to buy now if crypto prices crash owing to the Mt. Gox FUD.
Pepe ($PEPE)
Top Ethereum meme coin Pepe remains strongly correlated to broader market sentiment.
Therefore, a Bitcoin price crash is bound to adversely impact the Pepe price, presenting excellent buying opportunities.
As such, Pepe coin has already displayed thus far that it will be one of the top-performing cryptocurrencies during this bull cycle. It is already the 19th largest cryptocurrency on CoinMarketCap, with a market cap of just under $7 billion.
However, considering that Dogecoin recorded an all-time high of $75 billion during the last bull run, Pepe may still be largely undervalued.
It therefore remains one of the best altcoins to buy now, especially if the Pepe price crashes owing to the Mt. Gox saga.
Dogeverse ($DOGEVERSE)
New meme coins are in high demand during the market downturn as investors divest from large-cap altcoins to more volatile assets.
With Dogeverse scheduled to hit the markets on June 5th, it could emerge as one of the top-performing meme coins as well as one of the best altcoins to buy now.
Get ready to blast off with Cosmo! 
#Presale ends on June 3rd at 10 AM UTC!
Claim launches on June 5th at 10 AM UTC!
This is your LAST CHANCE to join Cosmo on his #Blockchain adventures before the official launch! 
Don’t miss out! The clock is ticking! 
… pic.twitter.com/QwpzWcm947
— DogeVerse (@The_DogeVerse) May 23, 2024
Dogeverse has been the talk of the meme coin town all throughout its presale phase, as evidenced by it raising over $15 million in the ICO. Its revolutionary multi-chain concept is one of the major factors behind this early demand.
As such, Dogeverse is set to be the first meme token to launch on 6 different blockchains, including Ethereum, Solana, Base, Polygon, Avalanche and BNB Smart Chain. This means that the meme coin will hit the popular DEXs and CEXs in each of the aforementioned ecosystems.
Experts believe that this multi-chain strategy could be a game-changer, which could result in Dogeverse potentially delivering up to 100x returns.
Chainlink ($LINK)
Chainlink remains one of the fundamentally strongest altcoins, thanks to its cutting-edge Oracle and DeFi technology.
Analyst Michael van de Poppe on MN Trading reveals that $LINK recently completed a successful retest of its crucial support zone. He expects the Chainlink price to rally up to 300% as long as it continues to hold above the $16 level.
Chainlink is also an excellent indicator for the broader altcoin space. Considering that the spot Ethereum ETF could kickstart an altcoin bull run, $LINK could emerge as one of the best-performing tokens.
The Chainlink Consensus event also started today on May 28th in Austin. Investors are eyeing more cutting-edge technological innovations to be announced, which could result in strong price growth.
*Cryptonomist did not write the article or test the platform.