Bitcoin Soars, Unaffected by Mt. Gox Outflow
CryptoNewsTerminal Staff14 Aug, 2024
Bitcoin Soars, Unaffected by Mt. Gox Outflow
Bitcoin Shrugs Off Mt. Gox Outflow, Continues Upward Trend Despite a significant outflow of 2 billion dollars worth of Bitcoin (BTC) from the defunct cryptocurrency exchange Mt. Gox, the market remains resilient. QCP Capital, a cryptocurrency exchange, reported in a Telegram post that "Bitcoin continues to make new highs, despite yesterday's massive 2 billion outflow from Mt. Gox." The outflow, which occurred on August 13th, was widely attributed to a payout to Mt. Gox creditors. However, the market's lack of reaction suggests that investors may be becoming less concerned about the potential impact of the Mt. Gox saga. Ethereum Spot ETFs See Inflows In addition to Bitcoin's strong performance, Ethereum (ETH) spot ETFs are also seeing inflows. QCP Capital reported $24.3 million of inflows into ETH spot ETFs on August 14th. This indicates that investors remain bullish on Ethereum, despite recent price fluctuations. The resilience of the cryptocurrency market in the face of the Mt. Gox outflow is a sign that it may be maturing. Investors are becoming more sophisticated and less likely to panic sell in response to negative news. This could lead to a more stable and predictable market in the long run.
