Mt. Gox plans to repay $8.50 billion worth of bitcoin, and IG Markets analyst Tony Sycamore said that repayment of loans to creditors next month may not have as much impact on bitcoin prices as many had expected. There are simply too many historical factors to make specific predictions about the impact of upcoming repayments, but estimates suggest that about half of bitcoin (worth about $4.50 billion) could start entering the market in July.
Sycamore said he believes a large part of the so-called Mt. Gox selling pressure is already reflected in current market conditions. Repayments have been going on for a long time. The repayments come against a backdrop of deteriorating market sentiment, technical selling and outflows from bitcoin ETFs. Much of the speculative "hot money" in the cryptocurrency space has left for the "wider world" of chasing mega-stocks such as Nvidia and Apple in the stock market.
In addition, when it comes to bitcoin's price action, Sycamore said he doesn't believe the current sell-off will fall further. He pointed to the strong support of the 200-day moving average as a reason for optimism in the coming weeks.
IG Markets analyst: Mt. Gox repayment may not have much impact on bitcoin price
2024-06-25 05:39:05
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