Is a $9 billion sell-off imminent? Former largest cryptocurrency exchange Mt. Gox to return 141,000 bitcoins to users
A bitcoin exchange that closed down a decade ago after being hacked is set to return bitcoins worth tens of billions of dollars to its users, causing concern among investors.
In a few days, the former bankrupt bitcoin exchange Mt. Gox will begin to repay tokens worth nearly $9 billion to thousands of users. The platform collapsed in 2014 due to a series of thefts, losing 650,000 to 950,000 bitcoins, which are now worth up to $59 billion at current prices.
After returning these stolen bitcoins to the victims, will it have a certain impact on the market? When compensated users have seen the value of their tokens soar by over 10,000% in the past decade, will they immediately sell them, causing a chain reaction in the market? In my opinion, there may be some short-term impact, but not significant long-term effects.
Some may wonder why the market has been falling recently, and this may be partly due to the new interest rate forecast by the Federal Reserve, which could be one of the main reasons for the recent price drop of bitcoin.
After a brief upward probe in the early morning, it did not stabilize, and the rebound in the day session was not strong enough, mainly due to the impact of the Mt. Gox incident. If this wave breaks below 62,500, the market will continue this downward trend.
Tuesday afternoon trading suggestions: For bitcoin, it is suggested to short around 63,200, with a target around 62,000; for Ethereum, it is suggested to short around 3,460, with a target around 3,415.
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