Contrasting repayment strategies by Mt. Gox, Gemini, and FTX raised questions about market stability and investor sentiment.In fact, at the time of writing, while ETH surged by 1.58% in the past 24 hours, BTC was flashing red candlesticks on its daily charts trading at $61K.Here, Thorn is referring to a massive hack that Mt. Gox suffered in 2014, resulting in the loss of 740,000 BTC .
The repayments, starting in July 2024, will be made in Bitcoin and BCH. This could increase selling pressure on these cryptocurrencies, as creditors will receive and potentially sell off their newly acquired assets.To keep an eye on this situation, many execs suggested relying on Bitcoin exchange balances as a reliable indicator of Bitcoin’s price strength.“The supply aspect IMO is overrated. BTC on exchanges dropped during the entire bear market yet, BTC price continued down with it.
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