Mt. Gox “Repayment of approximately 141,000 BTC since early July”
As bad news broke out, the BTC $60,000 line collapsed during the day.
BTC falls by about 6% as short-term ants continue to sell
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Mt. Gox officially announced on the 24th that it will begin repaying debtors in Bitcoin and Bitcoin Cash (BCH) from early July. Previously, last month, Mt. Gox transferred a total of approximately 141,686 bitcoins to three wallets. When Mt. Gox announced the news of debt repayment after transferring a large amount, the market immediately began to react.
Bitcoin, which fell sharply from the morning of the 24th, fell by about 4% on the 24th. The decline continued until the 25th, and Bitcoin once collapsed by $60,000. As of 9 a.m. on the 25th, the price of Bitcoin is $60,350 based on CoinMarketCap. The price is down about 16% from the highest Bitcoin price in March of this year.
Mt. Gox is a digital asset (cryptocurrency) exchange established in Japan and is the world's largest exchange, responsible for 70% of global Bitcoin transactions. After suffering a large-scale hacking in 2014, it went bankrupt due to failure to compensate for the stolen digital assets. Last year, Mt. Gox announced that it would gradually begin repaying debt after acknowledging ownership of digital assets to creditors through bankruptcy procedures.
Mt. Gox's Bitcoin volume has been a negative factor that has weighed on the cryptocurrency market ever since its bankruptcy. This is because debtors who have received Bitcoin compensation from Mt. Gox are likely to sell Bitcoin to realize profits. In the end, that bad news caused the decline that was feared.
Analysis follows that the Bitcoin plunge was caused by a combination of various negative factors. The analysis is that as news of Mt. Gox's debt repayment broke, a sell-off occurred in the market, and the sudden sell-off caused the 'average purchase price' of short-term investors, $64,000, to collapse, causing endless hemorrhage in the market.
Van Straten, a digital asset (cryptocurrency) expert, mentioned in a report he contributed to Crypto Slate, a cryptocurrency media outlet last week, that the average purchase price for short-term investors holding Bitcoin for less than 155 days was recently $64,000. There is a bar.
Reporter Seungwon Kwon ksw@
