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  • Bitcoin (BTC) drops below $57K again amid strong selling pressure

    Bitcoin (BTC) drops below $57K again amid strong selling pressure

    Bitcoin (BTC) drops below $57K again amid strong selling pressure
    • Bitcoin drops below $57K due to major institutional sell-offs and market pressure.
    • Short-term holders face unrealized losses, could trigger market volatility if they decide to cut their losses.
    • $51K is a crucial support level and long-term investors might see this as a buying opportunity.

    Bitcoin (BTC) has once again slipped below $57,000 as its turbulent journey continues. At press time, BTC was trading at $56,749.40, down 5.32% in a week.

    This latest dip is driven by a confluence of factors, including significant institutional sell-offs, the pressure from short-term holders facing unrealized losses, and ongoing spot market selling.

    Institutional sell-offs impact Bitcoin price

    A major factor behind Bitcoin’s price decline is the heavy selling activity by institutional investors. Prominent players such as Fidelity, Grayscale, Ark Invest, and Ceffu have significantly contributed to the downward pressure.

    Fidelity leads the charge, having sold 16,000 BTC, valued at approximately $915 million. Grayscale follows with the offloading of 15,000 BTC, amounting to roughly $858 million. Ark Invest has divested 7,000 BTC worth about $400.4 million, while Ceffu has sold nearly 3,124 BTC, totalling around $178 million.

    This institutional sell-off has been a crucial factor in Bitcoin’s drop. The substantial transfers of Bitcoin to exchanges suggest that these major players are either taking profits or rebalancing their portfolios.

    Interestingly, while these institutions are actively selling, BlackRock has maintained a neutral stance, avoiding both buying and selling Bitcoin amid the current market fluctuations.

    Risk of short-term holders exiting positions en mass

    The selling pressure is further exacerbated by the situation of short-term Bitcoin holders, who are currently facing significant unrealized losses.

    According to data from Glassnode, short-term holders who acquired Bitcoin in the last six months are experiencing financial stress, with their average cost basis ranging from $59,000 to $65,200, substantially above the current market price.

    This cohort’s financial strain is evident in key metrics, and their potential to exit positions en masse poses a considerable risk for increased market volatility.

    Despite the average Bitcoin investor remaining profitable, the substantial unrealized losses among short-term holders could potentially trigger broader market weakness if they decide to cut their losses.

    The $51,000 price level is highlighted as a critical support that must be maintained to preserve the current market structure.

    Potential for market stabilization

    As Bitcoin continues to experience strong selling pressure, its market behaviour reflects a complex interplay of institutional actions, short-term holder dynamics, and broader market conditions. While immediate prospects appear uncertain, particularly with the potential for further short-term declines, long-term investors may find value in this period of adjustment.

    Analysts have observed some absorption at lower price levels, which might suggest that Bitcoin could be poised for a period of sideways movement before making a decisive move.

    The current dip might present a buying opportunity for long-term investors who can weather short-term volatility.

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  • Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US

    Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US

    Bitcoin Dogs (0DOG) surges as Bitcoin (BTC) demand increases in the US
    • Bitcoin Dogs’ token 0DOG surges after launching a high-APY liquidity pool.
    • Rising Bitcoin interest in the US boosts 0DOG’s value amid broader market trends.
    • Despite a US demand spike, global Bitcoin demand and profits remain weak.

    The cryptocurrency market is abuzz with recent developments as Bitcoin Dogs’ native token, 0DOG, experiences a dramatic surge amidst rising Bitcoin demand in the US. This notable increase in 0DOG’s value comes on the heels of the launch of its liquidity pool and a spike in Bitcoin interest following Federal Reserve Chair Jerome Powell’s comments.

    While Bitcoin’s broader market demand remains negative, the US sector’s engagement is driving significant shifts in both Bitcoin Dogs and Bitcoin itself.

    Bitcoin Dogs (0DOG) sees significant rebound

    Bitcoin Dogs (0DOG) has recently captured the spotlight with an impressive price surge following the launch of its highly anticipated liquidity pool.

    Initially, 0DOG faced a bearish trend, dipping to a low of $0.00603 after an initial surge on its first trading day. However, the token’s fortunes have reversed sharply with the liquidity pool’s debut. At press time, 0DOG was trading at 0.01646 after surging above $0.029 on August 30, 2024.

    The newly launched liquidity pool, offering an initial APY of 405.56%, has been a major catalyst for the price spike, drawing significant investor interest.

    The liquidity pool’s dynamic APY structure is designed to incentivize early participation, making it a lucrative opportunity for investors.

    With an initial pool size of $50,000, the APY will decrease as the pool grows, encouraging early entry to maximize returns. This structure, combined with Bitcoin Dogs’ innovative approach as the world’s first ICO on the Bitcoin BRC20 token, is driving heightened investor enthusiasm.

    The integration of 0DOG into the Telegram gaming sector and the forthcoming NFT collection further bolsters its growth prospects.

    These strategic developments are expected to attract a significant user base and provide added value through in-game utility for NFTs.

    Rising Bitcoin (BTC) demand in the US

    As Bitcoin Dogs regains its footing, Bitcoin’s demand in the US has shown a notable increase following Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium.

    This uptick in US investor interest is evident from the rise in the Coinbase Premium to 0.11%, indicating higher local demand compared to international exchanges. The Inter-exchange Flow Pulse (IFP) metric has also seen a rally, signalling that BTC is flowing into US-based platforms in response to the price premium and increased demand.

    Despite this localized surge, overall Bitcoin demand growth remains lacklustre. The price of Bitcoin has been struggling to stay above $60,000 making investor engagement not to be marked by significant profit-taking.

    Realized profits of $536 million are modest compared to the multi-billion-dollar figures observed at previous market peaks. Furthermore, the Apparent Bitcoin Demand 30-day growth has transitioned from a positive 496,000 BTC in April to a negative 36,000 BTC, reflecting a broader decline in demand.

    Conclusion

    While Bitcoin Dogs (0DOG) benefits from the recent liquidity pool launch, there has been a rising Bitcoin interest in the US while the broader market presents a mixed picture.

    For more information about the relatively new Bitcoin Dogs project, whose native token is currently available for trading on MEXC, Gate.io, and Unisat, you can visit the project’s official website.

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  • Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium

    Texas approves debtor-in-possession financing plan for BTC miner Rhodium
    • Rhodium filed for Chapter 11 with debts of up to $100M and assets of up to $500M.
    • The debtor-in-possession financing plan is offered by Galaxy Digital.
    • Galaxy Digital offers Rhodium a $30M loan or 500 BTC with a 9.5%-14.5% interest.

    Rhodium Enterprises, a Texas-based Bitcoin mining firm, has recently garnered significant attention following its Chapter 11 bankruptcy filing on August 24, 2024.

    With liabilities ranging between $50 million and $100 million, and assets valued between $100 million and $500 million, Rhodium’s financial struggles have highlighted the growing challenges within the cryptocurrency mining sector.

    Riot Platforms claims Rhodium owes it $26M

    At the heart of Rhodium’s financial distress is its strained relationship with its landlord and power supplier, Whinstone.

    This tension contributed to Rhodium defaulting on a $54 million loan in July, shortly before the company raised $78 million in additional lending. The strain has culminated in the filing of a lawsuit by rival mining firm Riot Platforms, which claims Rhodium owes over $26 million in unpaid fees.

    Texas approves debtor-in-possession financing plan for Rhodium

    Despite these setbacks, Rhodium has secured an unusual debtor-in-possession financing plan approved by a Texas court.

    This plan, offered by Galaxy Digital — a blockchain firm led by Mike Novogratz — provides Rhodium with a choice between a $30 million loan with a 14.5% annual interest rate or a 500 Bitcoin loan with a 9.5% interest rate.

    Notably, the Bitcoin miner has the option to repay the Bitcoin loan in US dollars, based on market prices at the time of repayment.

    The approval of this financing plan is particularly striking given the volatility of Bitcoin price, which adds a layer of uncertainty to Rhodium’s repayment obligations. Over the last month, Bitcoin has seen a nearly 11% decline, reflecting broader market instability.

    Rhodium’s struggles are not isolated; they are emblematic of the broader challenges facing the cryptocurrency mining industry. The recent Bitcoin halving has reduced mining rewards while rising electricity costs have eroded profit margins.

    As Rhodium endeavours to reorganize and recover, its journey underscores the precarious state of the crypto-mining sector in an increasingly volatile market.

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  • Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates

    Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates

    • Bitcoin (BTC) touched lows near $58k as cryptocurrencies witnessed a sharp sell-off.
    • 0DOG token tumbled amid Bitcoin’s losses.

    Bitcoin dived more than 6% in the past 24 hours to trade below $59,000. The crypto market capitalization also tumbled as a sea of red engulfed altcoins

    Major altcoins saw huge declines to push the total market cap down more than 7% to $2.16 trillion. Meanwhile, Bitcoin Dogs fell sharply as Ethereum, Solana, Pepe, and Polygon nosedived.

    Bitcoin slumps amid huge liquidations

    BTC briefly traded at lows of $58,089 across major exchanges on Wednesday morning before a slight recovery pushed it to above $59.2k.

    While there hasn’t been a clear catalyst for the crypto sell-off, the widespread losses suggest a broader weakness for risk assets. 

    Santiment analysis also suggests the latest retracement follows huge bets on upside momentum. The greed that hit the market on August 25 has seen a swift reaction in liquidations, the market intelligence and on-chain analytics platform wrote on X.

    Data from Coinglass shows total crypto liquidations have jumped 208% in the past 24 hours to over $330 million. Most of this, about $295 million, are long positions and over 90,800 traders have been liquidated in this period as a result.

    The largest liquidation is an ETH/BTC position at $12.67 million on Binance.

    Bitcoin Dogs mirrors BTC sell-off

    While Ethereum has dropped more than 9% to under 2,450, Solana is changing hands near $144. Polygon, Pepe and Sui have shed double digits.

    Bitcoin Dogs, a cryptocurrency that recently launched on major exchanges Gate.io, MEXC and Uniswap, is also mirroring the downside action.

    0DOG price has dropped sharply from its highs of $0.04934 reached on August 22 to currently trade at $0.01006. The token has seen a massive 54% slump in 24 hours, which highlights how impactful a sharp drop in the prices of top cryptocurrencies can be for related tokens.

    What next for BTC, 0DOG?

    At the time of writing, BTC traded around $59,120, still in the red.

    Bears may extend the decline in BTC price, with lows seen on August 5 a likely support level. This same scenario could play out for Bitcoin Dogs, which made history with the first-ever BRC-20 token presale on the Bitcoin network.

    The gaming and NFT project taps into BTC’s growing layer-2 market and is likely to bounce alongside the flagship cryptocurrency.

    But what would indicate a potential for reversal?

    “When funding rates get extreme in either direction, they are always prone to get liquidated and shoot markets in the opposite direction. Look for funding rates to stabilize (or potentially even start leaning toward a short bias) as a sign that BTC and other assets will start to bounce again,” Santiment observed.

    The downside may therefore provide an opportunity to buy low. Learn more about Bitcoin Dogs first by visiting their website.

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  • Babylon Bitcoin staking drives BTC fees higher as mainnet launches

    Babylon Bitcoin staking drives BTC fees higher as mainnet launches

    Babylon Bitcoin staking drives BTC fees higher as mainnet launches
    • Babylon’s Bitcoin staking launch on August 22 drove transaction fees to $132-$137.
    • Over 12,700 stakers quickly filled the “locking-only phase” of Babylon’s program.
    • Babylon raised $70M in May 2024, following an $18M Series A in December 2023.

    On August 22, Babylon, a pioneering Bitcoin staking system, marked a significant milestone with the launch of the first phase of its self-custodial mainnet.

    The self-custodial mainnet allows Bitcoin (BTC) to be staked via smart contracts, extending its utility beyond its traditional roles as a medium of trade and a store of wealth.

    Bitcoin transaction fees rise from under $1 to $137

    The debut of Babylon’s staking program led to a notable surge in Bitcoin transaction fees. Early on August 22, the average fee was under $1, but it skyrocketed to between $132 and $137 as the staking system went live.

    This dramatic increase was driven by a rush of users eager to participate, resulting in a fee bidding war and pushing transaction costs close to $140, according to CryptoQuant analyst J.A. Maartun.

    Babylon introducing Bitcoin into a PoS ecosystem

    Babylon’s initiative aims to introduce Bitcoin into a proof-of-stake (PoS) ecosystem, offering users the opportunity to earn yield by depositing their crypto directly onto PoS networks.

    The initial “locking-only phase” of Babylon’s staking system was quickly filled to capacity, with over 12,700 stakers and 20,610 solo delegates already participating. This rapid uptake highlights growing interest and confidence in the platform’s potential.

    The successful launch of Babylon’s staking program underscores its ambition to redefine Bitcoin’s role in the broader crypto landscape, particularly within decentralized finance (DeFi). The move aligns with increasing institutional interest in cryptocurrencies, as evidenced by recent approvals of Bitcoin spot ETFs and significant institutional investment.

    Babylon’s funding journey has been equally impressive. Following a $18 million Series A round in December 2023, the platform secured an additional $70 million in funding in late May 2024, led by Paradigm and supported by other prominent investors. This financial backing reinforces the project’s potential and solidifies its place in the evolving Bitcoin ecosystem.

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  • Michael Saylor’s bet on Bitcoin paying off, his BTC holdings now valued at $1B

    Michael Saylor’s bet on Bitcoin paying off, his BTC holdings now valued at $1B

    Michael Saylor’s bet on Bitcoin paying off, his BTC holdings now valued at $1B
    • Michael Saylor personally holds $1 billion in Bitcoin, owning 17,732 BTC.
    • MicroStrategy holds 226,500 BTC, valued at over $12 billion, with a $37,000 average cost.
    • Saylor views Bitcoin as a superior, secure asset and advocates continuous investment.

    In a recent interview on Bloomberg Television, Michael Saylor, the Chairman of MicroStrategy, revealed he holds Bitcoin worth approximately $1 billion.

    This makes him one of the most prominent BTC holders in the world, joining the ranks of figures such as Binance Founder Changpeng Zhao, the Winklevoss Twins, and Satoshi Nakamoto.

    Michael Saylor has not sold any of his BTC holdings

    Saylor’s endorsement of Bitcoin as a capital investment asset is both passionate and unwavering. In his discussion with Bloomberg’s Sonali Basak on August 7, Saylor confirmed that he possesses a significant personal stack of Bitcoin, which he first disclosed four years ago.

    At that time, he announced owning 17,732 BTC, a figure that has only grown since.

    Despite the significant appreciation of Bitcoin’s value over the years, Saylor has not sold any of his holdings, continuously acquiring more of the cryptocurrency.

    Seeing Bitcoin as a generational wealth asset

    For Saylor, Bitcoin represents more than just a speculative investment. He describes it as a revolutionary financial tool, superior to both physical and traditional financial capital.

    According to Saylor, Bitcoin is an unparalleled asset that offers generational wealth potential for individuals, families, corporations, and even countries. His commitment to Bitcoin is rooted in its perceived stability and security, as well as its ability to preserve value over time.

    During the interview, Saylor emphasized his belief that “there is never a bad time to buy Bitcoin.” He likened Bitcoin to “cyber Manhattan,” suggesting that investing in it is akin to acquiring prime real estate in the most coveted location.

    This analogy highlights his conviction that Bitcoin, as a scarce and desirable asset, will always hold significant value, regardless of market fluctuations.

    MicroStrategy has accumulated 226,500 BTC under Saylor’s leadership

    Saylor’s investment philosophy extends beyond his personal holdings to his leadership of MicroStrategy. Under his guidance, the company has amassed a substantial Bitcoin reserve, totalling 226,500 BTC, valued at over $12 billion.

    This massive investment represents a significant portion of the company’s balance sheet. MicroStrategy’s average cost per Bitcoin stands at approximately $37,000, and the company is set to execute a 10-to-1 stock split, which could further impact its financial structure and stock performance.

    In addition to discussing his personal holdings, Saylor also addressed Bitcoin’s broader implications for corporate finance. He asserts that Bitcoin can “fix” corporate balance sheets by providing a secure and stable asset for long-term investment.

    Saylor points to Bitcoin’s immense computational and electrical power, which he argues makes it “nation state resistant” and “nuclear-hardened.” He proudly notes that the Bitcoin network consumes more electricity than the United States Navy, a testament to its robust security and resilience.

    However, Saylor’s enthusiasm for Bitcoin is not just limited to its investment potential. He views cryptocurrency as a groundbreaking technological advancement, with the power to reshape financial systems globally.

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  • Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC
    • Genesis transferred $2.12B in BTC and $838M in ETH as part of bankruptcy restructuring.
    • Genesis will return $3B to creditors, covering 77% of customer claims.
    • Digital Currency Group will not receive any payout from Genesis’s bankruptcy plan.

    Over the past three days, Genesis Trading has moved approximately 32,256 BTC, valued at around $2.12 billion, and 256,775 ETH, worth about $838 million, to various addresses.

    This substantial transfer of assets is seen as part of the company’s efforts to manage creditor repayments under its ongoing financial restructuring plan.

    Genesis Trading settlement plan has been approved

    The turmoil for Genesis began in November 2022 with the collapse of the FTX crypto exchange, which severely impacted the firm’s derivatives business.

    Genesis halted withdrawals and filed for Chapter 11 bankruptcy protection in January 2023 due to substantial losses linked to the FTX debacle and the failure of Three Arrows Capital.

    At that time, the company owed over $3.5 billion to its top creditors.

    Amidst this challenging backdrop, Genesis has recently reached a court-approved settlement plan, aimed at returning $3 billion to its customers. This plan will cover approximately 77% of the total value of customer claims.

    In the immediate aftermath of Genesis’s bankruptcy filing, claims were trading at only 35% of their value on claim trading platforms. However, current trading prices for claims are significantly higher, with claims over $10 million trading between 97-110% of their value and smaller claims trading between 74-94%.

    Digital Currency Group (DCG) to miss out on this settlement

    Digital Currency Group (DCG), the parent company of Genesis, will not benefit from this settlement. The court has ruled that there is insufficient value in Genesis’s estate to provide DCG any recovery as an equity holder.

    This decision was influenced by DCG’s failed attempt to cap customer claims at January 2023 cryptocurrency values, which would have allowed for full repayment to customers and potentially a recovery for DCG.

    Additionally, DCG had assumed $1.1 billion of Genesis’s debt from the Three Arrows Capital collapse, but this obligation did not cover the losses.

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  • Bitstamp to distribute Mt. Gox BTC from July 25

    Bitstamp to distribute Mt. Gox BTC from July 25

    • Bitstamp plans to distribute Mt. Gox Bitcoin and Bitcoin Cash as from Thursday, July 25.
    • The exchange will have a separate distribution plan for customers in the UK.

    Bitstamp announced on Wednesday that the crypto exchange had received Bitcoin (BTC) from Mt. Gox and that it would begin distribution to creditors on Thursday.

    The exchange also has Bitcoin Cash from the Mt. Gox trustee, with this coming a decade since the Bitcoin exchange collapsed following a major hacking incident. After a ten-year wait, customers of the defunct crypto exchange can now have their digital assets back.

    Bitstamp receives Mt. Gox BTC

    Bitstamp said in an announcement that it would begin the distribution process on July 25, 2024. However, it also urged customers to be patient as the process of verification continues.

    “We’re pleased to announce that we’ve received the Mt. Gox assets. We’re working diligently to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to one week for security checks. We’ll inform you when the transfer is finalized,” the exchange notified users via X.

    Bitstamp has also told its users in the UK that distribution for this group will be undertaken through a separate plan.

    “Rest assured, we’ll keep you updated on the process and ensure you receive your assets as soon as possible,” its post on X reads.

    Bitcoin price holds above $66k

    Mt. Gox repayments began this month and continues to provide notable downward pressure for BTC price. A significant number of users however have not sold amid the distribution. For instance, CryptoQuant analysts pointed to the increase in BTC outflows from Kraken as the exchange distributed Mt. Gox bitcoin to its customers.

    According to analysts, this scenario could bolster Bitcoin’s potential price rebound.

    The flagship cryptocurrency currently hovers above $66k, with bulls showing strength since recovering from the recent dump to under $64k.

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  • Metaplanet loads more bitcoins with 42,466 BTC purchase

    Metaplanet loads more bitcoins with 42,466 BTC purchase

    Metaplanet loads more bitcoins with 42,466 BTC purchase
    • Metaplanet, a Japanese firm, increases Bitcoin holdings with $2.5M purchase.
    • Metaplanet now holds 203,734 BTC, acquired at $62,000 per Bitcoin on average.
    • This latest acquisition brings Metaplanet’s total Bitcoin holdings to an impressive 203,734 BTC.

    In a bold move amidst fluctuating cryptocurrency markets, Metaplanet, a publicly-listed investment and consulting firm based in Japan, has purchased of 42,466 BTC, equivalent to approximately $2.5 million.

    The company disclosed that these bitcoins were acquired at an average price of around 10 million yen per BTC, roughly translating to $62,000 per Bitcoin.

    This purchase marks a continuation of Metaplanet’s strategy to diversify its investment portfolio into digital assets despite recent price declines in the cryptocurrency market.

    Metaplanet optimistic of Bitcoin’s growth prospects

    Founded with a mission to explore innovative investment opportunities, Metaplanet has emerged as a prominent player in the cryptocurrency space. The firm’s strategic investments in Bitcoin reflect its commitment to staying at the forefront of financial technology and digital asset management.

    Its decision to ramp up its Bitcoin holdings underscores its confidence in the long-term potential of cryptocurrencies.

    Despite the average purchase price being approximately 7% higher than current market rates, the firm remains optimistic about Bitcoin’s future growth prospects.

    According to industry analysts, Metaplanet’s acquisition of additional Bitcoin not only strengthens its position in the cryptocurrency market but also signals a growing trend among institutional investors towards digital assets.

    Such investments are seen as a hedge against inflation and currency devaluation, particularly in the wake of global economic uncertainties.

    Looking ahead, Metaplanet’s continued expansion into Bitcoin and other digital assets could pave the way for more institutional involvement in the cryptocurrency market.

    With a strategic focus on long-term value creation, the firm’s investment decisions reflect confidence in Bitcoin’s ability to thrive amidst market fluctuations and regulatory developments.

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  • K33 Research cautions Mt. Gox’s imminent $9B payout could impact Bitcoin (BTC)

    K33 Research cautions Mt. Gox’s imminent $9B payout could impact Bitcoin (BTC)

    Mt. Gox's imminent $9B payout could impact Bitcoin (BTC)
    • Gox to distribute 142,000 BTC and 143,000 BCH, valued at over $9 billion, to creditors.
    • The payout process could commence as early as next month.
    • All eyes are on the impact of the payout on Bitcoin and Bitcoin Cash price especially after the bitcoin halving event.

    Mt. Gox, once a major player in the cryptocurrency exchange scene, faced a devastating hack in 2014, leading to its collapse. Now, nearly a decade later, the defunct exchange is preparing to distribute a significant sum of digital assets including approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH), amounting to over $9 billion in total, to creditors.

    This impending payout has prompted concerns among market observers, with K33 Research highlighting the possibility of a negative impact on the price of Bitcoin in a report released on Tuesday.

    According to the analysts, the influx of Mt. Gox coins into the market could create downward pressure on BTC valuation in the coming weeks.

    Possible implications for Bitcoin (BTC) price

    K33 Research analysts have highlighted concerns that the influx of Mt. Gox’s digital assets into the market could exert downward pressure on Bitcoin’s price in the coming weeks. While creditors may not immediately liquidate their assets, the anticipation surrounding the payout could instil caution among investors, potentially dampening market sentiment.

    Creditors recently received updates on their BTC and BCH claims, indicating that payments could commence sooner than initially anticipated. This development, coupled with the looming deadline set by Mt. Gox trustees for reimbursements, has intensified speculation within the crypto community.

    Market observers remain divided on the potential impact of Mt. Gox’s payout on Bitcoin’s price. While some believe that creditors may opt to hold onto their funds, others fear that the sheer volume of digital assets entering the market could trigger a sell-off, leading to a temporary downturn in prices.

    Despite the uncertainty surrounding Mt. Gox’s payout, the crypto market continues to show resilience in the face of external pressures. However, investors are advised to exercise caution and closely monitor developments related to the distribution process to mitigate any adverse effects on their portfolios especially according to the K33 Research analysts warning.

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