The ongoing saga of the Mt. Gox exchange casts a shadow over the bitcoin community, even years after its dramatic collapse. Recent events have stirred the pot again, with Mt. Gox contacting former users to confirm ownership of accounts linked to bitcoin payments.
This move comes amid continued efforts to compensate creditors, primarily in Japanese yen. through your PayPal accounts. With the payment process expected to continue this year, the crypto community remains uneasy regarding the implications of releasing Mt. Gox's significant bitcoin holdings, which amount to 142,000 btc and 143,000 BCH, in addition to 69 billion yen.
Optimistic opinion of experts on the launch of the Gox coin
Amidst the rumors and speculation, renowned bitcoin advocate and Jan3 CEO Samson Mow stepped forward to offer his perspective, seeking to alleviate concerns about the potential impact on the market of unlocking the “Gox coins.” “.
Cut believe The long wait of creditors has cultivated resilience to avoid a sudden and massive sale of these assets. According to Mow, even if some creditors decide to sell, the market is well equipped to “absorb” the impact without significant disruption.
Unlocking Gox coins is not really a factor. Creditors who have to force HODL for a decade are not likely to sell anytime soon. What about claim buyers? They may have initially sought fiat profits, but they had a front row seat to bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin NgU and now you should be thinking “sell for profit on what?”
– Samson Mow (@Excellion) January 24, 2024
This opinion was echoed in answer to a user named Spoonman on X, who He suggested that approximately half of the creditors could be willing to sell. Mow confidently stated that such sales would not occur simultaneously, reinforcing his belief that the market can handle the situation smoothly.
Even if some sell, they won't do it all at once. The market can easily absorb it all anyway.
– Samson Mow (@Excellion) January 24, 2024
Unexpected bitcoin Reversal
Interestingly, the bitcoin market has recently shown signs of recovery, defying some bitcoin-plunges-39000-breaking-point-deeper-crash/” target=”_blank” rel=”nofollow”>Analyst expectations of a continued slowdown.. Currently, bitcoin is seeing a 3% increase in the last 24 hours, with its trading price hovering around $40,000.
However, it is important to note that this rally follows a significant drop, with bitcoin falling 5.7% over the past week and more than 10% in recent weeks.
This modest recovery contradicts the bearish forecast presented by Bitfinex in its latest Alpha Report, which anticipated new market declines. Bitfinex analysts pointed out the vulnerability of the bitcoin price due to the reduced profitability of short-term holders.
According to the analyst, the possible reaction of this group of investors to market conditions could lead to testing critical support levels around “38,000 and 36,000 dollars,” according to the report.
However, contrary to expectations, bitcoin has moved slightly away from these highlighted support zones. For context, the asset is currently trading at $40,037 at the time of writing.
Featured image from Unsplash, chart from TradingView
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