Topic: Mt. Gox Repayment amidst Bitcoin Decline (Read 326 times)

There is news of many influential persons becoming informed of Bitcoin’s potential.

BlackRock’s $10 Trillion CEO Larry Fink Admits Past Bitcoin Skepticism, Now A Major Believer – Details

https://bitcoinist.com/blackrock-larry-fink-major-believer-in-bitcoin/


Michael Dell Calls Bitcoin 'Fascinating' Amid BlackRock CEO's Bullish Stance — Tech Billionaire's Crypto Interest Rising? - Dell Technologies (NYSE:DELL)

https://www.benzinga.com/markets/cryptocurrency/24/07/39785673/michael-dell-calls-bitcoin-fascinating-amid-blackrock-ceos-bullish-stance-tech-billionaire

These are all great news for Bitcoin, and it’s only going to go much higher, much faster.

As Michael Saylor says……….

Don’t miss the ride!!

Germany is done with their BTC, and Mt. Gox is still in the process, I believe. Honestly, I think the biggest impact of both selling events is already behind us. They've already launched, so now it's no longer going to be news, and one of them is already over. Now let's look at impact. Since the start of July, Bitcoin went from $62k to $54k. It's the middle of July now, and Bitcoin is already at $60k, so very close to full recovery from the selling events. IMO, it shows how strong Bitcoin has become, as even billions of dollars and a lot of media attention caused a decline that lasted only for a couple of weeks.

The national debt of Germany and other countries are available for watching lively with
https://www.usdebtclock.org/world-debt-clock.html

Germany is at the fourth position after the top three nations: the USA. China and Japan.

I don't know the reason or purpose they sold those bitcoins but some people said they sold bitcoins because they needed to comply with the country's laws because it was confiscated money from criminals. But I believe that they will not sell those bitcoins because their economy is weak and they need that $3 billion for economic recovery. Just as they do not intend to speculate like us because if they intend to speculate to make a larger profit, they will sell in silence instead of making noise that causes the price to suddenly decrease and they will sell at a low price.

If they really needed that money and intended to manipulate the market for speculation, why didn't they sell when it was priced at $72k but sold when it was priced at $60k or even $53k?

That's a pretty dumb claim since this is a drop in a bucket for them. 30k bitcoin is just roughly 1.5 billion Euro.
And we know that:
Just last year their debt rose by 40 times more than their profit from selling bitcoin is going to be. If you think it's going to help them in any way, think twice.
What it could do is cover the cost of aid for Ukraine, so maybe that's what this is supposed to achieve. AFAIK earlier this year they promised to send 12 billion.
Germany most likely has no way to hold bitcoin and doesn't want to do so at times when CBDC is more important to the EU. That said, somebody shorting this while they dump must be making a lot of money for free. All they need to know is when the next sale is coming and it's free money.

Germany being the largest economy in Europe doesn't mean that they don't need the money from the sale of Bitcoin. The money might be insignificant when compared to the total GDP but selling the coins now shows that they need money. Maybe they want to use the money to finance a project or pay some financial obligations. It is also possible that they are selling to make a profit. They might have plans to buy in the future when the price drops.

This is my first bull run and I am gradually understanding the market. This is why it is important to have a Bitcoin rebuying plan. Don't depend only on signature earning to replenish your hardware wallet. Yeah DCA is the best buying strategy but lump sum buying is not also a bad idea. One can buy Bitcoin with a large sum if you can predict the lowest price during the bear season. I don't expect Bitcoin to get to $18,383 in the next four years, so it will not be a bad idea to buy the coin when it gets to a price like this. So as you are selling also have a plan to buy when there is a golden opportunity. German sale of their holdings and the repayment of Mt. Gox victims is also an opportunity to make a profit because by this time in the next four years (Ceteris paribus), Bitcoin price will be worth more than the current price.

While the amount of bitcoin sold by German government is significant and most probably has some effect on the price, I think that FUD and speculation have an even bigger effect.
After all, the ETFs have started buying the dip, I expect some other smart big institutions may have done the same under the hood, but people still panic like those coins to be sold are in an infinite amount.
Come on...

people who did panic selling when the market dropped yesterday were traders who play in the short term or retailers who are new to bitcoin investment. if people who have been in the bitcoin market for a long time, they will definitely understand that now is not the time to panic, they consider that now is a good opportunity to accumulate more bitcoins and then hold them until they get a chance to profit and then they sell them.

because these investors believe that investing in bitcoin is better done in the long term and bitcoin volatility due to market speculation is not a reason for them to sell their assets.

Folks, this whole Mt. Gox and German government thing, its definitely shaking things up in the crypto world. Unquestionably, the price of Bitcoin is down. Still, lets not rush in panic. The earth is not about to die. Actually, for the savvy ones out there, it could be a great purchase point. I have always said, the market swings. Yet you know what? The smartest investors avoid jumping off the ride when it starts to get a bit choppy. They appreciate the vista and grip tightly. This could thus be your moment if you believe in Bitcoin or in the future of cryptocurrencies. Let not fear control your choices. Be wise. Be bold. Remember also that fortune favors the courageous.

The German economy is considered the largest economy in Europe and the 4th largest economy in the world with a total GDP of 4,000 billion USD, only behind the US, China and Japan (2022 data). So it would be naive to think that the German economy needs the help of those bitcoins. We cannot know exactly why they are selling bitcoin at this time, but it is certainly not because they want to save their economy with that small amount of money  .

The return of Mt.gox or the government selling bitcoin are all good news if we ignore the short-term impact. Even for those who understand how bitcoin works, this is another great opportunity for them to buy bitcoin at a discount rather than panic selling.

https://www.worldometers.info/gdp/germany-gdp/

For those interested on making an investment, this shouldn't be a consideration because the market may not fall any longer than the current dip we are having, instead of us trying to wait for that time to come for more bearish market, this may be another beginning for a more bullish one, we ha e to invest with caution, the distribution they are making does not constitute the market sentiment we are having, instead such could be a mere occurrence by time, bull season could continue henceforth from now, those receiving payments could not be accounted for after all.

AFAIK, Germany sold seized Bitcoins that are worth around 2 billion dollars. Do you really think that the Germans will stabilize their economy with 2 billion dollars? Many countries around the world have lots of seized BTC to sell and this will add more selling pressure to the BTC market, but that's OK. The Mt.Gox repayments are a good news for all the Mt.Gox investors, who kept waiting for years to get their BTC back.
The Bitcoin market can survive the price drop, that was caused by such events. There's nothing to worry about and the people, who are spreading FUD and "doom and gloom" predictions need to STFU.

I don't know any better reason than you said. You've said it already. Mt Gox repaying those who lost their money a decade ago and Germany selling the Bitcoins they seized caused uncertainty and fear towards the investors hence, it created panic to them that's why they're panic selling thus, helping in putting the price of Bitcoin going down.

Fear really is a big problem with these investors because they always think that if there's an institution/government or whatever it is that's selling huge chunks of Bitcoin, they believe that it will push the price of Bitcoin that hard. These 2 events caused fear towards the investors that's why we are seeing the price of Bitcoin going down (even though we saw a bit of a recovery already). Anyway, if you're a smart investor, you will see that this kind of events are a perfect opportunity for us to buy Bitcoin at a lower price. I believe that we are all smart investors here that's why we took the opportunity to accumulate more Bitcoins, isn't it?

As for what's happening, I don't care TBH. I'm focused on what I'm doing which is Dollar-Cost Average.

These incidents could have attributed to the decline in Bitcoin's price. There could be more incidents which we are not aware of, may be or may not be! Countries will always try to liquidate their bitcoin holdings in order to increase their forex reserve. Every now and then, we will see such attempt to liquidate the holdings from any government who are sitting on a pile of seized Bitcoins.

Only a few would recognize, that such events are actually a great time to buy and to average out the buying price if we have acquired Bitcoins at a higher price point. MtGox investors are going through an extremely lucky time it seems!

This is among many news I have read the past day. This one is from this article.
It has been reported that Germany still has many bitcoin that they hold and they will continue to transfer them out of their holdings and into exchanges. Even though some of it has not been sold yet it feels inevitable at this point as it is clear that selling these bitcoin is their intention after all.
Indeed we don't know that for sure as I have not yet heard anyone of receiving repayment unless someone else did. Regardless, I think it definitely has some impact on the market no matter how miniscule.

Yeah, obviously it's time to buy!
To be honest due to these two events that have caused a decline in the price of Bitcoin, I concluded that this is not the time to panic,  we should not be afraid of the dynamic of the market, that a defensive stance should be adopted, while more offensive stances should be made. I mean we will taken the advantages form this dip. Because these kind of activities are common in bull runs, Those who have seen previous bear markets and bull markets they will be well aware that a similar decline in price is a normal routine. it is an opportunity for buying instead of panic.
 
 
Therefore, I also believe that it is the time for buying at cheap price because if Bitcoin make a U-turn there is a high possibility that the price of Bitcoin will gradually start surging and possibly the price to move straight forward towards 85k or 100k  So, fill your wallet as soon as possible, i.e., buy and just wait until the new ATH of the price.

The situation before was different to what we are noticing now. Before Bitcoin spot ETF was not approved whereas now it is approved and the inflow from these ETFs are holding the price of Bitcoin. Being said that a large chunk of Bitcoin is now going to institutional investors and big whales. The situation does not look problematic now but eventually these guys will decide the future price of Bitcoin.

You are right the market is overreacting and most of them are retail investors as they were always lose hands. Not much to say but the way things are now more panic selling will be witnessed by us like it used to be before.

Inam expecting Bitcoin to go below $50K once again and then it will again come back after a few months to where it was earlier.

This has been happened before and this is a huge chance for someone who hasn't been getting any bitcoins yet at affordable price because after this event, there will be no more chance like this and it will be too late to buy bitcoins for a lower price.

Of course, we have been through this and those who are panicking right now probably can't afford to lose their capital and others are easily pulling out their investment because of the bad scenarios in the crypto market nowadays.

Anyway, this storm will pass and we will soon see some greenery in the crypto market price along with the recovery price of bitcoins because others will also start to accumulate high amount of bitcoins again.

The thing the news about the Germans buying back is really not that accurate as some news outlets debunked that, what was really happening was that they transferred a large chunk of amount (around $1B) to various exchanges like coin base, Kraken, Bitstamp and after some time selling off they returned some coins back to their wallets again. This has been on repeat for days now and reasons why I feel they are not buying but rather selling some off and returning the rest is the number of coins they take out is usually more than they return. Although it is not wrong since it is a seized asset they need to sell but they just sell OTC which many predicts will be more profitable to them than this back and forth on exchanges.

But as you pointed out this Shouldn’t be causing a real problem regarding the volume of sale but the problem is that the media are actually using this to create a FUD among investors and as such it is not only them that is selling. I check the fear and greed factor the other day and it declined to around 27% which is a yearly low. As someone looking to stach more my opinion is buy the fear

This panic does not only originate from Mt. Gox, the German and US governments and several miners are also doing the same thing because the decreasing income from the halving requires them to sell some bitcoin to cover the increasingly expensive development costs. The large selling power in the market does attract the attention of panic sellers, but on the other hand, those of us who have cold funds will be grateful because we can buy in an ideal area. Maybe there will still be a decline during Mt. Gox distributes Bitcoin to its customers who have been waiting for their assets for a long time. The distribution duration takes up to months, peaking at the end of this year we can see the resilience of Bitcoin's value in a fairly deep area.