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The price of Bitcoin (BTC), the world's largest cryptocurrency, fell below the $60,000 level overnight. This can be interpreted as the news of bond repayment from Japan's Mt. Gox, the world's largest cryptocurrency exchange. As it was expected that a large number of coins owned by Mt. Gox would be released into the market, it had a negative impact on investment sentiment.
On the 24th (local time), Mt. Gox announced on its official website that Nobuaki Kobayashi, the rehabilitation trustee and bankruptcy trustee, will begin repaying BTC and BCH bonds from early July.
Regarding this, 'The Bitcoin Therapist', a Bitcoin influencer with about 110,000 He mentioned.
“This is equivalent to invalidating more than half of all Bitcoin spot ETF inflows at once,” said Eric Balchunas, a Bloomberg ETF analyst.
He added, "It makes sense to say, 'Couldn't creditors not sell the Bitcoin they received from Mt. Gox?' However, I wanted to mention how big the $9 billion figure is."
Meanwhile, Alex Thorn, head of research at cryptocurrency trading company and asset management company Galaxy, said through However, it appears that fewer cryptocurrencies will be distributed than people think, and there will be less selling pressure on the market.”
Singapore-based cryptocurrency trading company QCP Capital said through its official Telegram channel, "Despite the volatility caused by Mt. Gox's bond repayment, if the BTC spot price stabilizes at the $60,000 support line, no special issues are expected in July. “We recommend a long-term acquisition strategy,” he advised.
