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Home»Bitcoin»Will Mount Gox’s Creditors Sell Their Bitcoin? Reddit poll has the answer!
Bitcoin

Will Mount Gox’s Creditors Sell Their Bitcoin? Reddit poll has the answer!

2024-07-19No Comments3 Mins Read
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  • Mount Gox’s scheduled redemptions could have a major impact on the price of BTC
  • Many expect the impact to be much bigger than the German government’s crypto sell-off a few weeks ago

A recent one Reddit survey revealed that 56% of Mount Gox creditors plan to hold their Bitcoin rather than sell it. Meanwhile, 18% of respondents said they plan to sell their BTC. This comes as the exchange prepares to distribute more than $9 billion in refunds to its creditors in the coming months.

Sales pressure in abundance?

The Mount Gox exchange, which collapsed in 2014 after losing 850,000 BTC, is embroiled in a lengthy bankruptcy process. The upcoming repayments are a major milestone for creditors who have waited nearly a decade to recover their assets. The planned distribution of these funds has raised questions about the potential impact on Bitcoin’s price.

If a significant portion of the refunded BTC were to be sold, it could cause significant selling pressure on the market. With 18% of creditors indicating they plan to sell, this could result in a notable increase in Bitcoin supply on exchanges. Such an influx of BTC could drive prices down, especially if the market cannot quickly absorb the increased sales volume. The actual impact will depend on the total number of BTC sold and market conditions at the time of distribution.

Not the first time

Historical precedents suggest that large-scale sales of Bitcoin could have a substantial effect on its price. For example, earlier this year the German government sold a significant amount of seized Bitcoin, leading to a temporary dip in the cryptocurrency’s value. The sale, which took place over several days, put downward pressure on the market, demonstrating how significant sell-offs can impact prices.

See also  Analyst who predicted the Bitcoin rally reveals time to sell

The long-term impact of the Mt. However, Gox refunds on the price of Bitcoin will also depend on other factors, including general market sentiment, the entry of new buyers and broader economic conditions. While there may be some volatility in the initial response, the market may eventually stabilize as it adjusts to the new supply dynamics.


Read Bitcoin’s [BTC] Price forecast 2024-25


The upcoming distribution of more than $9 billion in Bitcoin refunds to Mount Gox’s creditors is poised to impact the cryptocurrency market. With 18% of creditors planning to sell their BTC, there could be greater selling pressure, potentially driving prices down. The magnitude of this impact will be influenced by several factors, including market conditions and overall investor sentiment.

Historical examples, such as the German government’s sale of Bitcoin, highlight the potential for significant price movements after large-scale sell-offs. The cryptocurrency community will be closely watching how this situation unfolds and its implications for Bitcoin market dynamics.

Next: Crypto Market Watch: How Far Can ‘Trump Trade’ Boost Bitcoin?

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