Bitcoin News: The world’s largest cryptocurrency, Bitcoin (BTC), is on a downward trend over the past 30 days due to uncertainty generated by the US SEC probes and the Silvergate crisis. However, the future emerging trends don’t ring good bells for Bitcoin. As per reports, the Mt Gox creditors are likely to get their payout in Bitcoin which might trigger a Sell off rally.
Bitcoin Price Dump Incoming?
As per reports, a probable black swan event can be on the crypto market calendar as the Mt Gox creditors are set to receive around 138K Bitcoins. The creditors might receive an “early repayment” on March 10. The cumulative worth of the Bitcoins set to be unblocked is around $3 billion.
Mt. Gox suspended its withdrawals on February 7, 2014. At that time BTC was trading around $800. However, Bitcoin price on March 6, 2023, stood around an average price of $22,390. Its 24 hour trading volume is up by 8% to stand at $14.3 billion. However, Bitcoin is holding a market cap of around $432 billion. Read More Bitcoin News Here…
Will Creditors Sell BTC After Receiving It?
The biggest question here emerges, will creditors sell their yet to be received Bitcoins ahead? However, Mt Gox’s balance sheet also holds 143K Bitcoin Cash (BCH) of approx worth $19 million. It is important for the market to pay close attention to the probable selling pressure incoming.
Experts believe that the creditors are going to retain the received Bitcoin rather than sell it. It is important to keep in mind that BTC has already reached the $69K price level in November 2021.
However, another factor that should be considered is that the two of the largest creditors choose a payout option that won’t force a Bitcoin sell-off. As per reports, they picked up the lump sum payment option which would be paid out in September.
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