Mt. Gox Bitcoin and Bitcoin Cash Repayments Announced ๐
Mt. Gox has finally revealed the date to initiate the repayment of Bitcoin and Bitcoin Cash (BCH) to affected customers, starting as early as this week. This long-awaited announcement has stirred concerns in the crypto community about the potential impact of these customers on the ongoing selling pressure in the Bitcoin market.
Experts’ Confidence Amid Possible Sell-Off ๐ช
Many analysts, despite expressing apprehensions regarding Bitcoin losses, generally believe that any sell-off concerns associated with Mt. Gox will likely be contained and short-lived. Lennix Lai, Chief Commercial Officer of OKX exchange, is confident that most of Mt. Gox’s early users and creditors are long-term Bitcoin enthusiasts unlikely to sell their entire holdings immediately. He compares this situation to previous sell-offs related to law enforcement actions like the Silk Road case that did not result in sustained catastrophic price drops.
– Lennix Lai from OKX believes that early users and creditors of Mt. Gox are long-term holders unlikely to sell immediately
– Market experts assure that there is enough liquidity to absorb any potential mass sell-off from Mt. Gox
– Recent price movements indicate that the impact of Mt. Gox repayments may already be factored into the market
– Jacob Joseph anticipates that creditors may prefer early repayment with a 10% reduction, reducing overall selling pressure
Expectation on Recipients and Timing โฐ
Alex Thorn, the Head of Research at Galaxy Digital, anticipates that the distribution of fewer coins than expected will result in lesser sell pressure. He acknowledges that even a 10% sale of distributed Bitcoin could impact the market. Vijay Ayyar, Head of Consumer Growth for Asia-Pacific at Gemini exchange, suggests that the impact of the Mt. Gox disbursement will be lessened due to the diverse recipients of the funds.
– Alex Thorn anticipates lesser sell pressure due to fewer coin distributions than expected
– Vijay Ayyar believes that diverse recipients of the funds will dilute the impact on the market
– Thorn points out that most creditors sell their coins directly into trading accounts making them easily sellable
– Ayyar mentions a time element added to the impact on price due to the varied recipients of the funds
Bitcoin Price Predictions for July ๐ฎ
As the crypto market enters July, analysts provide insights into Bitcoin’s price prospects based on historical trends and technical analysis. Analyst Ali Martinez suggests a historical strong rebound in July following a negative June performance. Martinez emphasizes strong support at $61,100, with crucial resistance levels identified at $64,050 and $66,250.
– Ali Martinez highlights historical July rebound trends for Bitcoin
– Martinez identifies crucial support at $61,100 and resistance levels at $64,050 and $66,250
– Rekt Capital suggests favorable price action for Bitcoin to form a cluster at Range Low of $60,600
– Technical analysts point towards a potential rally back to Range High at $71,500
Hot Take ๐
As the Mt. Gox repayment process begins, the crypto market remains on edge but experts believe that any potential selling pressure will be absorbed and short-lived. Analysts provide optimistic insights into Bitcoin’s price outlook for July based on historical trends and technical analysis. Stay tuned for more updates!
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