Bitcoin Price Slump Expected as Mt. Gox Creditors Ready to Sell 99% of Recovered Funds

IconCryptoNewsTerminal Staff05 Jul, 2024

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Bitcoin Price Slump Expected as Mt. Gox Creditors Ready to Sell 99% of Recovered Funds

According to Jacob King, an analyst at Vauld, 99% of the Mt. Gox assets are expected to be sold, resulting in a potential market downturn. This news comes as creditors prepare to receive their funds from the exchange, which closed in 2014 following a catastrophic hack that saw the theft of 850,000 bitcoins. Analysts believe that the sudden influx of bitcoins into the market could put downward pressure on prices, as the sellers will likely offload their holdings to cash out their profits. This could lead to a short-term bearish market for Bitcoin, as supply temporarily outstrips demand.

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