Mt. Gox Repayments Wreak Havoc on Crypto Market, but 99Bitcoins Token Presale Shows Strength on Market Decline

The Mt. Gox saga has reemerged and caused cascading sell pressure on crypto prices. Its liquidators announced on Friday that they have begun making payments of Bitcoin and Bitcoin cash to creditors.

The cryptocurrency market faced a day of reckoning as Mt. Gox liquidators initiated repayments to users who lost funds in the exchange’s 2014 hack.

In response, Bitcoin and altcoin prices experienced a sharp decline, while the presale of the new 99Bitcoins token remained unwaveringly strong. Despite the market turbulence, several industry analysts expressed optimism about a long-term recovery.

The return of the Mt. Gox saga and its impact on crypto prices

The Mt. Gox exchange hack and its subsequent bankruptcy proceedings have been a major chapter in the cryptocurrency market’s history.

Now, the saga took another turn as the exchange’s liquidators announced on Friday that they have begun making payments of Bitcoin (BTC) and Bitcoin cash (BCH) to creditors.

This development had a palpable effect on the market, largely due to the massive amount of funds that were stolen in the hack.

At the time of the incident, Bitcoin was trading around $600, and many of those who lost funds in the hack stand to receive a windfall of nearly 100x.

As a result, there were concerns that the BTC would be sold directly onto the market, causing a significant price decline.

On Friday, on-chain sleuths spotted 47,228 BTC being moved from cold storage to a new wallet, sparking speculation that Mt. Gox was preparing to move the funds for customer repayments.

However, the wallet belonged to Germany, which earlier this year seized BTC in a fraud case and later converted it to Btc.

Later on Friday, another batch of BTC, this time 47,228 BTC, was moved from cold storage to a new wallet, according to on-chain sleuths.

This sparked speculation that Mt. Gox was finally preparing to move the funds for customer repayments.

However, on Saturday morning, it was revealed that the wallet actually belonged to Germany, which earlier this year seized BTC in a fraud case and later converted it to Btc.

Crypto market bloodbath and second-biggest liquidation event in history

The aftermath of the Mt. Gox repayments was a bloodbath for the cryptocurrency market.

According to on-chain data, the event triggered the second-biggest liquidation in Bitcoin’s history, only surpassed by the FTX debacle.

This was further highlighted by the fact that Germany is also preparing to sell the seized BTC, which is valued at around $3.5 billion.

Together, these developments led to the largest-ever crypto liquidation event, considering both exchange and over-the-counter trades.

Industry analysts remain optimistic about a long-term recovery

While the massive crypto liquidation event brought about by the Mt. Gox repayments and the إف تي تي إكس collapse earlier this year brought devastating losses for cryptocurrency bulls, some prominent industry analysts remained optimistic about a longer-term market recovery.

“Most selling that will occur will happen at the beginning and will slowly fade out over time. Similar to how the GBTC outflows have gone,” observed Daan Crypto Trades.

“After the initial week or two, people will stop talking about it every day, and we’ll just be on to our regular day-to-day things within the market.”

The analyst then went on to provide a lengthier-term outlook.

“This is a net positive for crypto. These Mt. Gox coins have been something that has caused FUD for years and has always been a fear of many,” he said.

“So although it’s not nice short term, getting this massive supply overhang out of the way sets the market up nicely in the long run.”

99Bitcoins token presale remains resilient amid market decline

Interestingly, while the short-term effect of the Mt. Gox repayments and the إف تي تي إكس collapse earlier this year toppled crypto prices, the presale of the 99Bitcoins token (99BTC) presale continued to show strength.

At the time of writing, the 99BTC presale had raised a total of over 2.3 million, despite the bearish market conditions and the token’s price increasing every few days.

Investors have been flocking to the 99BTC presale due to the project’s unique Learn-to-Earn platform, which will incentivize users to learn about cryptocurrency.

By completing courses, modules, and quizzes, users can generate XP points that will be used to calculate their daily $99BTC rewards.

Moreover, to ensure long-term demand for the token, $99BTC has various utilities, including access to the platform, crypto trading signals, BRC20 tools and education, a VIP community group, staking rewards, and more.

Currently, investors can buy $9

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