“Mount Gox redemption does not affect Bitcoin bull market”

Although Mt. Gox has transferred billions of dollars worth of Bitcoin (BTC), the forecast that the BTC bull market will continue is gaining momentum.

According to Cointelegraph on the 17th (local time), Michael van der Poppe, founder of MN Capital, analyzed that the BTC price will have little effect even if Mt. Gox repays 180,000 BTC. It is pointed out that the Mt. Gox issue is already reflected in the market.



On the 16th, Mt. Gox transferred approximately 140,000 BTC to a cold wallet and two virtual wallets. However, BTC rose 3.2% in one day, exceeding $65,000 (about 89.74 million won). Skew, a virtual asset analyst, explained through However, he warned, “Until the upward trend becomes clear, you must continuously check the purchase limit price, etc.”

Ki-young Ki, CEO of CryptoQuant, also analyzed that the impact of the Mt. Gox repayment was overestimated. He said, “Currently, the growth rate of BTC’s market capitalization has exceeded the growth rate of realized market capitalization,” and “BTC demand is very strong.” He then emphasized, “Even if Mt. Gox sells $3 billion (approximately KRW 4.1419 trillion) worth of BTC on the Kraken Exchange, it is only about 1% of the increase in realized market capitalization that occurred during this bull market, which is an amount that the market can fully absorb.” .

Reporter Lee Yeon-ju

juya@rni.kr