Mt. Gox Coins Unlikely to Sell Right Away, Analyst Predicts

IconCryptoNewsTerminal Staff15 Jul, 2024

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Mt. Gox Coins Unlikely to Sell Right Away, Analyst Predicts

Mt. Gox, the once-largest cryptocurrency exchange that went bankrupt in 2014, is expected to sell its Bitcoin (BTC) holdings, which could potentially impact the market. However, according to Checkmate, lead analyst at on-chain analytics firm Glassnode, these coins may not be sold immediately. Checkmate suggests that, contrary to common belief, the Mt. Gox coins will likely be sold when the price of Bitcoin is significantly higher, possibly closer to a market cycle top. This aligns with the behavior of long-term holders (HODLers), who tend to sell their assets at the peak of the market cycle. It's important to note that the timing of the Mt. Gox coin sale and its impact on the market remain uncertain. However, Checkmate's analysis provides a possible scenario that differs from the widespread anticipation of immediate sell-off pressure.

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