Mt Gox Dump Coming?
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In this video, I discuss the coming distribution of BTC from Mt Gox's bankruptcy trustee, and what it could mean for Bitcoin's price action in the coming weeks.
Creditors have had many years to sell their claims, and hedge funds who bought those claims have been able to easily hedge their positions, so this market response is probably an overreaction and a good buying opportunity.
Long-term hodlers should ignore news and flows like this, and focus instead on using lower fiat prices to accumulate more BTC if possible.
Not investment advice! Consult a financial advisor.
Mt Gox:
https://en.wikipedia.org/wiki/Mt._Gox
Roger Ver on MTGOX Bitcoin exchange:
https://www.youtube.com/watch?v=UP1YsMlrfF0&ab_channel=RogerVer
Mt. Gox to distribute $9 billion of bitcoin, bitcoin cash repayments from beginning of July:
https://www.theblock.co/post/301448/mt-gox-to-distribute-9-billion-of-bitcoin-bitcoin-cash-repayments-from-beginning-of-july
Letter from Mt Gox trustee:
https://www.mtgox.com/img/pdf/20240624_announcement_en.pdf
Mt. Gox creditors report bitcoin and bitcoin cash payment update on claims system:
https://www.theblock.co/post/290149/mt-gox-creditors-report-bitcoin-and-bitcoin-cash-payment-update-on-claims-system
Mt. Gox moves at least $2.9 billion in bitcoin for first time in five years:
https://www.theblock.co/post/296922/mt-gox-moves-at-least-2-9-billion-in-bitcoin-for-first-time-in-five-years
Watch the on-chain movement:
https://mempool.space/address/1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6
Tesla has dumped 75% of its bitcoin holdings a year after touting ‘long-term potential’:
https://www.cnbc.com/2022/07/20/tesla-converted-75percent-of-bitcoin-purchases-to-fiat-currency-in-q2-2022.html
Bitcoin plunges more than 10% after Elon Musk's SpaceX reportedly sold the cryptocurrency:
https://markets.businessinsider.com/news/currencies/bitcoin-price-plunge-elon-musks-spacex-sold-373-million-stake-2023-8
Mt. Gox Creditors Near Payout, Sparking Fears of Bitcoin Price Crash:
https://www.wsj.com/livecoverage/stock-market-news-today-08-23-2022/card/mt-gox-creditors-near-pay-out-sparking-fears-of-bitcoin-price-crash-os2dFJVcBGqXuzNFgA4V
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#mtgox
#crypto
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