As a long-term crypto investor with experience in navigating through market volatility and various exchange hacks, I’m keeping a close eye on the developments surrounding Mt. Gox’s distribution of funds. The anticipation of restitution for affected users is undoubtedly welcome news, but it also brings uncertainty and potential selling pressure to the market.
After a ten-year wait, there’s a possibility that compensation could be given to the former users of the closed Mt. Gox cryptocurrency exchange in July. Nevertheless, investors seem apprehensive about the distribution process and are worried about potential additional selling actions.
Bitcoin has been on a downward trend since early June, and although there have been some modest ETF inflows, it hasn’t managed to regain significant upward momentum. On July 3rd, the price dipped below $60,000 momentarily before slightly recovering. However, the next day saw an even more severe drop in price.
Recent information indicates a more modest performance for Bitcoin during the third quarter, primarily due to the lingering doubt surrounding Mt. Gox’s dispersal of its assets.
Mt. Gox Payouts to Keep Bitcoin Subdued
Based on QCP Capital’s recent announcement, Bitcoin’s price is likely to stay stable. This Singaporean crypto asset trading firm pointed out that the US equity market reached new peaks after Federal Reserve Chair Jerome Powell indicated that the US economy is moving towards a disinflationary phase.
In spite of the ongoing optimism in the stock market, the prices of Bitcoin and Ethereum remain unyielding, holding steady at approximately $57,000 for Bitcoin and $3,000 for Ethereum.
As a researcher studying the options market, I’ve observed a notable trend: there’s been strong demand for longer-term options with strike prices set at 100k and 120k. This suggests that investors are betting on a year-end rally based on the current market sentiment.
Mt. Gox’s forthcoming Bitcoin releases may cause market turbulence, and as a result, QCP Capital anticipates a more modest Bitcoin market performance during the third quarter.
July Marks Restitution for Mt. Gox Users
In 2014, approximately 850,000 Bitcoin valued at around $9.4 billion were misplaced from Mt. Gox crypto exchange, affecting an estimated 127,000 investors. These affected parties have been patiently waiting for over a decade to retrieve their funds following the exchange’s collapse due to several undetected hacks.
The ongoing distribution, scheduled to start returning funds to users in early July, brings welcome news to those impacted. However, this development raises apprehensions regarding potential increased selling in the market.
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2024-07-06 18:18