The distribution of over $9 billion worth of BTC could"become a relevant negative price contributor in the next weeks," K33 analysts said.
The crypto market has mostly shrugged off last week's correction, but there's a possible catalyst ahead that could weigh on prices through the next few weeks, putting a rally higher in jeopardy.that Mt. Gox, a crypto exchange that imploded due to a hack in 2014, is gearing toward distributing 142,000 bitcoin"Mt. Gox coins could become a relevant negative price contributor in the next weeks," authors Anders Helseth and Vetle Lunde wrote.
If the crypto payout process mirrors fiat refunds, creditors could start receiving digital assets as soon as next month, the authors said. While it's unlikely that creditors will sell their payouts en masse, the report explains, the anticipation could prompt market players to stay cautious and avoid taking risks ahead of the event.
"Repayments do not necessarily equate to selling pressure, as creditors might opt to hold on to funds," but it's"an overhang that might spook the market shortly," Helseth and Lunde said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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