Bitcoin (BTC) may see a fresh bearish signal in the next few days when Mt. The Gox saga is entering its final and possibly expensive stage.
As the CryptoQuant resource dedicated to chain analysis noted Dec. 8, Mt. There’s only one week left until Gox’s push deadline.
Mountain. The deadline for Gox Rehabilitation awaits you
After several delays, Mt. Gox, which lost money in the 2014 crash, will know when it will receive BTC on December 15th – and the temptation to sell for profit may be too great to prevent massive promotion on exchanges.
“Set a notification about the flow of Mt.Gox. Manage your risk, CryptoQuant CEO Ki Yong Joo has warned Twitter followers.
Mountain. Gox was the most popular cryptocurrency exchange until it was hacked with funds that included 860,000 BTC. After many years of legal disputes under the rehabilitation scheme, about 140,000 BTC will be distributed to the creditors.
Since Mt. Gox went offline in February 2014, and bitcoins rose dramatically, meaning that the funds from the rehabilitation scheme are now $ 2.63 billion.
Bitcoin recovered in November compared to purchases in Grayscale. Source: Coin98 / Twitter
As CryptoQuant points out, this means potential selling pressure. About 28,000 BTC are mined per month, which corresponds to a supply of around five months.
Another tweet read, “It could be a bearish signal for BTC which will bring 150,000 BTC into the market …”
It breaks Bitcoin’s fearful calm
Last week was marked by low activity in the bitcoin markets as the Bitcoin / USD enters a period of consolidation after strong volatility.
Company officials use the break to double their positions, and MicroStrategy announces a $ 400 million donation from BTC in its next acquisition.
Other commercial buyers, including investment giant Grayscale, also continue to raise the money.
As Cointelegraph reports, except for Mt. Gox, macro events may also influence Bitcoin price movement this week.