U.Today - Colin Wu, a prominent figure in the crypto journalism space, has reported that Mt. Gox recently initiated an email verification process for users, seeking confirmation of ownership for exchange address accounts designated as payment addresses for Bitcoin (BTC) and Bitcoin Cash (BCH).This move follows December 2023 reports from creditors who confirmed receiving compensation in Japanese yen through their PayPal (NASDAQ:PYPL) accounts, with the ongoing repayments scheduled to extend into 2024.The central concern emerging from this development is the significant volume of Bitcoin that Mt. Gox is rumored to be releasing onto the market. While estimates vary, ranging from 142,000 BTC to 200,000 BTC, the lack of consensus among sources has prompted increased scrutiny within the crypto community. Market participants are particularly attentive as the countdown begins for a potential 200,000 BTC release within the next 60 days.Complicating matters, Mt. Gox presently holds 143,000 BCH, intensifying speculation about the combined impact of the Bitcoin and Bitcoin Cash release on market dynamics. With an additional 69 billion yen reportedly under the exchange's control, the situation has garnered attention for its potential to influence broader market sentiment.As the industry closely monitors this unfolding scenario, analysts and enthusiasts are awaiting further details and confirmation from Mt. Gox. The reserved anticipation within the community underscores the significance of this story, making it a focal point for careful observation in the weeks ahead.#U.today #TradeNTell

Ethereum is encountering a massive sell-off exceeding $1 billion. The source of this enormous market movement can be traced back to Celsius, which reportedly transferred a staggering 459,561 ETH, valued at approximately $1.014 billion, to various exchanges.The distribution of this sell-off was as follows: 297,454 ETH ($656.5 million) moved to Coinbase (NASDAQ:COIN) Prime, 146,507 ETH to Paxos Treasury and smaller amounts of 7,800 ETH each, totaling $17.2 million, were transferred to FalconX and Coinbase. Despite this massive transfer, Celsius reportedly retains a reserve of 62,468 ETH, worth around $139 million.Such a colossal sale exerts immense pressure on Ethereum's price and could significantly sway market sentiment. The immediate concern for investors and traders is whether Ethereum's liquidity and market capitalization can absorb such a hit without triggering a broad market downturn.From a technical analysis standpoint, the massive outflow from Celsius is a bearish signal, likely to test Ethereum's local support levels. A crucial support to watch is around the $2,000 price range, a psychological and technical support level, which, if breached, could see the price tumble to the next significant support at $1,800. This level has historically acted as a strong buy zone and may serve as a robust defense against further declines.Conversely, resistance levels have become more formidable due to the sell-off. Any potential recovery will have to confront the resistance at $2,200, which previously acted as a support level. A break above this could see Ethereum attempt to reclaim higher price levels, possibly testing the $2,400 resistance.The substantial sell-off initiated by Celsius has placed Ethereum in a problematic position. Although the Ethereum network's fundamentals remain robust, the asset's price resilience in the face of such a significant sell-off shows the actual state of the market.#U.today #Investing.com #TradeNTell

Major cryptocurrency trader and analyst Michael van de Poppe has published a new Bitcoin prediction with a target that has surpassed the recent target named by Max Keiser."Likely price value of $300,000-$600,000" for BitcoinPoppe's prediction has it that the flagship cryptocurrency, Bitcoin, is likely to reach jaw-dropping price levels of $300,000-$600,000. This is down to the growing interest from numerous financial institutions triggered by the recent launch of spot-based Bitcoin ETFs. But before that, he expects several major corrections.At the time of this writing, the leading cryptocurrency is changing hands at $51,086 as Bitcoin has put up a slight recovery after a 2.77% decline, which finished today. Overall, BTC has lost 3.32% since its peak above $52,000 reached on Tuesday, Feb. 20.The institutional cycle is going to bring #Bitcoin to mass-adoption and a likely price value of $300,000-600,000 per Bitcoin.Hence why it's super important to accumulate as much as you can.How?During 20-40% corrections.— Michaël van de Poppe (@CryptoMichNL) February 23, 2024So far, Bitcoin is mostly scooped up by those less-than-a-dozen Bitcoin ETF providers, which include BlackRock, Fidelity, VanEck and Ark Invest. They all have been buying a massive amount of Bitcoin daily — 12.5x of what miners are producing per day (900 BTC in total, earning 6.25 BTC for each new block). As for Grayscale, this fund managing company continues selling Bitcoin so far, instead of buying it.As reported by U.Today, on Friday, Feb. 23, Fidelity surpassed eight ETFs by the amount of daily inflows. This time, it even managed to beat BlackRock, which usually was the leader in daily Bitcoin purchases after the ETFs launched.On Feb. 23, Fidelity Wise Origin Bitcoin Fund accumulated 3,061 BTC evaluated at $156 million. BlackRock came second this time with 2,415 BTC purchased on that day — the equivalent of $123.3 million.Bitcoin heading for $500,000: Max KeiserRenowned Bitcoin maximalist Max Keiser has predicted the $500,000 target for Bitcoin — that is more that 2x higher than his previous long-term goal of $220,000. This time, Keiser stated he expects “the global fiat money apocalypse” coming soon.The global fiat money apocalypse is upon us. The ultimate safe haven #Bitcoin‬ is going to $500,000 pic.twitter.com/vkX1VQDRkB— Max Keiser (@maxkeiser) February 24, 2024 Keiser has named the same Bitcoin price target in his tweets earlier this week. In them, he predicted a 1987-style stock market crash approaching the U.S.Many other experts, among them angel investor Anthony Pompliano, are stating that the stock market is currently peaking. Pompliano even noticed that Jeff Bezos, Bill Gates and many U.S. politicians were selling their stocks in large quantities as if they know something.CryptoU.TodayRead more from #U.today #tradingview