Short-Term Dip in Bitcoin Not Due to Mt.Gox Bond Redemption

IconCryptoNewsTerminal Staff24 Jul, 2024

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Short-Term Dip in Bitcoin Not Due to Mt.Gox Bond Redemption

According to CryptoQuant CEO Ki Young Ju, the recent short-term decline in Bitcoin (BTC) is likely due to a shift in market sentiment, rather than sell-offs triggered by the Mt. Gox bond redemption. "It is highly likely that the short-term decline in BTC is due to a change in sentiment, not to sell-offs due to Mt. Gox's bond redemption," said Ju. He further explained that Kraken, the exchange that has been handling the Mt. Gox creditor repayments, has already completed the process for the amount it received from Mt. Gox. Despite the completion of regional trading hours, there has been no significant increase in BTC spot trading volume or unusual BTC inflows or outflows on Kraken. "The short-term dumping (large-scale selling) that we were worried about did not happen," Ju added. In a follow-up tweet, the official CryptoQuant Twitter account stated, "Mt. Gox users who received the redeemed amount can continue to hold it for the long term." This suggests that the concerns about a potential sell-off by Mt. Gox creditors have subsided, and that the recent BTC price decline is likely due to other factors. ```

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