Bitcoin breaks through 66,000, Ethereum stands at $3,500! How long does it take for Mt.Gox to be under selling pressure?

This site (120bTC.coM): Bitcoin shows strong resilience! Although yesterday afternoon, it was suspected that Mt. Gox transferred more than 95,000 Bitcoins (nearly 6 billion US dollars) to two unknown wallets, causing the market to Amid risk aversion, it fell as low as $62,369.

Later, screenshots leaked out of the community, indicating that they had received a letter from Kraken, indicating that they had received Mt. Gox’s payment to creditors and would start paying in the next one to two weeks; however, distribution may still take a while Time, or the market is optimistic that Trump can continue to boost BTC... At the moment of writing, Bitcoin has just exceeded the 66,000 level, reaching a maximum of 66,117 US dollars.

The trend of Ethereum is also close to that of Bitcoin, reaching a maximum of $3,517 before the deadline, up 1.03% in the past 24 hours.

Performance of the top ten tokens

Under the rising trend of Bitcoin, other top ten tokens also rose simultaneously. The largest increase in the past 24 hours was XRP, which exceeded 7%; however, the recent dark horse public chain TON bucked the trend and fell 3.6% to US$7.33.

Exceeding US$190 million has been liquidated across the entire network in the past 24 hours

With Bitcoin’s rising market, according to Coinglass data, the amount of cryptocurrency liquidation across the entire network has been nearly US$200 million in the past 24 hours, with more than 64,000 people Liquidated (the US Air Force and the Air Force each accounted for approximately US$100 million).

Recent good and bad news

The good news that may come to the market in the near future is the approval of the Ethereum spot ETF and Trump’s speech at the Bitcoin Conference at the end of the month; the biggest bad news is Mt.Gox After all, the amount of repayments is nearly three times that of the German government.

However, some analysts previously believed that investors who held Bitcoin in the early days of Bitcoin may be "diamond-rich Bitcoin holders". Therefore, Mt. Gox creditors who have received compensation are more likely to continue to partially Hold the Bitcoins for which you are paid, rather than selling them outright.

Galaxy Research Director Alex Thorn also analyzed and commented at the end of June that the eventual selling pressure on Bitcoin triggered by Mt. Gox will be smaller than expected.

He explained that since nearly 75% of creditors choose Earlypayout (subject to accepting 10% impairment), there will currently only be about 95,000 Bitcoins used for early payment of compensation (the remaining BTC will take longer Only paid):

• About 20,000 tokens belong to the claim fund

• 10,000 tokens belong to Bitcoinica BK

• The remaining approximately 65,000 tokens are owed to individual creditors

and He predicts that individual creditors will insist on holding Bitcoin more than the market expects:

• Creditors are mainly long-term Bitcoin holders. They are technology-savvy early adopters.

• Individual creditors have rejected attractive offers from claims funds over the years, suggesting they want their Bitcoin back rather than compensation denominated in US dollars.

• The capital gains tax implications of a sale will be significant. Even though only 15% of physical claims have been recovered as prices have increased, claim holders have gained 140x (in USD) on the Bitcoin they recovered since the bankruptcy.

So in summary, he believes that the selling pressure on Bitcoin will not be greater than investors imagined. But BCH may have a more serious decline due to its small liquidity.

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