Mt Gox Settlement and $593 Million of BTC and BCH, Will Bitcoin Rally?

2019-3-23 20:00

Bitcoin prices steady after yesterday’s sell-off Mt Gox trustee approved 802,521 BTC as claims Volumes stable but below average

Wholesale liquidation of Bitcoin and Bitcoin Cash stash in the hands of Nobuaki could heap pressure on responsible exchanges. Besides, it will also cause unnecessary price fluctuation that may work against victims triggering a sell-off towards Dec 2018 lows.

Bitcoin Price Analysis Fundamentals

All eyes are on Nobuaki Kobayashi and how he plans to compensate victims of the now defunct Mt Gox following his approval of “802,521 BTC, 792,296 BCH and $38,165,664, and other amounts in various fiat currencies”. At his disposal, according to his latest submission, are cryptocurrencies worth $593 million—in 141,686.35 BTC and 142,846.35 BCH, plus $629,594,540 in cash. However, the trustee is adamant that more of the stolen Bitcoins will be retrieved increasing the number of coins under their control.

Everyone is talking about the 140k BTC potential sell-side pressure from the Mt Gox coin redistribution to creditors

Absolutely no-one is talking about the $627million being distributed to creditors who may then decide to *buy more* Bitcoin pic.twitter.com/3xodxeyxSy

— Alistair Milne (@alistairmilne) March 21, 2019

While previous arrangement has it that settlement will be in BTC and other coins of their preference, the Mt. Gox Legal has now submitted a proposal, a draft, detailing their agreement on how best Nobuaki should compensate clients.

I’m definitely buying BTC back once I get my cash distribution and definitely not selling any BTC if I ever get any of the remaining coins back from Civil Rehabilitation. I know many in creditor groups I’m in are talking about doing the same.

— Adam Pokornicky (@callmethebear) March 21, 2019

Noting that direct injection of all these coins will be too complex and “are concerned that any attempt by the Trustee to sell them en masse on the open market would result in a downward movement of the value and also not be in the creditors’ interests”, they propose that Nobuaki should only sell BTC and BCH—the two most valuable coins under Kobayashi—only when they have been moved to a secure location or redistributed.

Candlestick Arrangement

Despite yesterday’s pressures, Bitcoin (BTC) bulls are resilient. It is up 3.2 percent in the last week and surprisingly firm even after yesterday’s liquidation. Even so, it is likely that prices will trend lower in days ahead as BTC prices re-adjust in light of decreasing volumes over the last couple of days.

Note that our analysis depends on how fast Bitcoin bulls can reverse Feb 24 losses. A month later and buyers are yet to build enough momentum needed for a break and close above $4,500. Besides, when we paste a Fibonacci retracement of Feb 24 high low, yesterday’s sell-off is off the 61.8 percent level.

All the same, for bulls to be in charge as reiterated in previous trade plans, bulls must first close above $4,500 and float above $3,800 meaning every dip is a buying opportunity for risk-off traders.

Technical Indicators

Participation levels are low, and volumes are drying up averaging 7.4k by yesterday’s close. For bears to sail through, then they must convincingly close below $3,800, and that by extension means volumes must exceed Mar 16 of 13k or those of Feb 24 at 36k.

Chart courtesy of Trading View

The post Mt Gox Settlement and $593 Million of BTC and BCH, Will Bitcoin Rally? appeared first on NewsBTC.

origin »

Bitcoin (BTC) на Currencies.ru

$ 105322.54 (+0.40%)
Объем 24H $52.21b
Изменеия 24h: 3.76 %, 7d: 0.38 %
Cегодня L: $103456.85 - H: $106219.15
Капитализация $2087.204b Rank 1
Цена в час новости $ 4018.35 (2521.04%)

bitcoin btc gox sell-off rally million 593

bitcoin btc → Результатов: 126


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30


3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC)

The crypto market has witnessed a number of tokens rallying toward new all-time highs (ATHs), including notable players like Bitcoin (BTC) and Tron (TRX). Despite some setbacks, such as the US government transferring nearly $2 billion worth of Bitcoin, BTC has remained resilient, triggering a massive impulsive move that saw it reach an ATH of […] The post 3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC) appeared first on CoinJournal.

2024-12-15 21:58