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Cryptocurrency News Articles
Mt. Gox Repayment Rounds Cause Bitcoin Price Fluctuations, But Analysts Predict Bullish Cycle in Q4
Sep 25, 2024 at 08:38 pm
The start of Mt.Gox repayments in July caused significant price fluctuations in the crypto market due to uncertainty about how the funds would be used.
When the Mt.Gox rehabilitation trustee announced the start of repayments to creditors in July, it sent shockwaves through the crypto market.
With billions of dollars in payouts set to be distributed, there was palpable uncertainty about how these funds would be utilized, sparking fears of a potential sell-off.
However, as the first round of repayments, facilitated by several exchanges led by Kraken, unfolded, Bitcoin’s price dropped from $63K to around $53K over two weeks.
This significant drop left investors speculating on the potential for more market turbulence as further payments are processed.
Now, strategic wallet movements have been detected, with Mt.Gox emptying four of its wallets in the last 24 hours after receiving approximately $370K in Bitcoin from Kraken.
According to on-chain analysis by Arkham Intelligence, this activity suggests that Mt.Gox is preparing for additional creditor payments.
With 44.89K BTC consolidated in a cold wallet, creditors who missed out in the initial round of payments might soon see their funds.
Bitcoin’s price has historically mirrored the movement of gold, and Wall Street analysts are suggesting that a major crypto market shift may be on the horizon.
Technical clues, similar to those observed before Gold’s all-time high, are now emerging for Bitcoin, hinting at a potential new peak.
Moreover, the fear of further market capitulation seems to have subsided, with Bitcoin’s Fear and Greed Index at 59%, indicating growing investor confidence and greed.
While the upcoming Mt.Gox repayment of nearly $3 billion could spark short-term bearish volatility, many experts believe the market will recover, and a bullish cycle is expected to take off in the fourth quarter, presenting potential opportunities for long-term investors.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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