As an experienced financial analyst, I believe that the announcement of the Mt. Gox trustee distributing over 140,000 BTC in July is causing a significant sell-off in the market today. The sheer volume of coins being released at once is causing unease among investors, leading to a sharp decline in prices for Bitcoin and other cryptocurrencies.
Bitcoin (BTC) is experiencing significant price declines on Monday as news emerges that the trustee overseeing the collapsed Mt. Gox crypto exchange intends to restore over 140,000 BTC, worth of stolen assets, to their rightful owners in July.
Approximately 140,000 bitcoins are set to be sold within a month, which is almost as much as the current holding of Fidelity’s spot Bitcoin ETF – approximately 167,375 bitcoins.
As a crypto investor, I believe the number of coins to be distributed might be less than what the public anticipates, resulting in less Bitcoin sell pressure than the market currently forecasts.
As an analyst, I’ve studied Thorn’s research and found that approximately 75% of creditors are expected to receive their payouts in July, totaling around 95,000 coins. Out of this amount, roughly 65,000 coins are anticipated to be distributed among individual creditors. Surprisingly, Thorn believes these individuals might hold onto their coins longer than anticipated. The reason being that they have previously declined numerous lucrative offers from claims funds and face substantial capital gains taxes since bitcoin has risen 140-fold since the bankruptcy.
In conversing with representatives from Bitcoin claim funds, Thorn proposes that most of the investors involved are wealthy Bitcoin owners aiming to expand their holdings at reduced costs, rather than arbitrage traders seeking short-term profits.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- JGN PREDICTION. JGN cryptocurrency
- EUR JPY PREDICTION
- DOGE PREDICTION. DOGE cryptocurrency
- QNT PREDICTION. QNT cryptocurrency
2024-06-24 19:55