Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/mt-gox-creditors-sell-bitcoin" data-wpel-link="internal" rel="noopener noreferrer nofollow">Mt. Gox Creditors Sell Bitcoin</a><br></p>
<p style="text-align: justify">The bankrupt exchange Mt. Gox has begun repaying its creditors in <a href="https://en.bitcoinhaber.net/bitcoins-market-dynamics-and-price-uncertainty" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and Bitcoin Cash, leading to concerns over potential downward pressure on the cryptocurrency’s price. Financial analyst Jacob King predicts that the repayments could introduce $8.2 billion worth of selling pressure. This <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">news</a> has stirred anxiety among investors, as Bitcoin has struggled to gain momentum and is currently trading below $60,000.</p>
<h2 id="what-s-happening-with-mt-gox">What’s Happening with Mt. Gox?</h2>
<p style="text-align: justify">Jacob King highlighted in a July 4th post that on-chain activities indicate creditors have started selling their Bitcoin. King stated that a significant portion of the $8.2 billion worth of Bitcoin will likely be sold, exacerbating the already struggling <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>. This prediction follows the official announcement on July 5th that Mt. Gox has commenced debt repayments.</p>
<p style="text-align: justify">Bitcoin has been in a downtrend, losing about 18% in the second quarter of 2024. Analysts fear that the market sales by Mt. Gox creditors could push Bitcoin back into a bear market. The cryptocurrency’s price recently dropped 3.9% in 24 hours, trading at $55,250, with a weekly decline of over 10%.</p>
<h2 id="details-on-the-matter">Details on the Matter</h2>
<p style="text-align: justify">Despite the potential for increased selling pressure, the repayments are seen as a positive development for the sector and Mt. Gox’s users. Former CEO Mark Karpelès expressed his relief that customers are finally receiving their Bitcoin after more than a decade. This marks a significant milestone in the long journey of Mt. Gox’s financial recovery.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<ul>
 <li>Mt. Gox’s repayments could add $8.2 billion of selling pressure.</li>
 <li>Bitcoin’s price is struggling, currently trading below $60,000.</li>
 <li>Market analysts warn of a potential return to bear market conditions.</li>
 <li>Despite risks, the repayments are a positive step for the sector and Mt. Gox’s users.</li>
</ul>
<p style="text-align: justify">In summary, while the Mt. Gox repayments introduce significant selling pressure on Bitcoin, they also signify a notable step forward for the exchange’s creditors. Investors will be watching closely to see how the market reacts in the coming weeks.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/mt-gox-creditors-sell-bitcoin" data-wpel-link="internal" rel="noopener noreferrer nofollow">Mt. Gox Creditors Sell Bitcoin</a></h5>

Mt. Gox Creditors Sell Bitcoin

Table of Contents

BH NEWS

Other articles published on Jul 5, 2024

Bitcoin $271,868 Cycle Top Scenario Still in Play, Analyst Expects Heavy Equity Market Correction...

Crypto: Ethereum Introduces EIP-7732 and Steps up the Pace!

Prez Biden’s Odds for Re-election drop to 10% on Polymarket

Fetch.ai (FET) Attracts Whales Ahead of ASI Transformation

BlockDAG’s ASIC Miners Propel Market Leadership with 8,470+ Sold Units; Solana vs Ethereum Tussle...

Only 5 Bitcoin Mining ASICs Profitable Below $55K: F2Pool

Join our free newsletter for daily crypto updates!