Topic: Will the Bitcoin decline caused by Mt. Gox find support around $52,000? - page 2. (Read 236 times)
July 05, 2024, 07:53:46 AM
With Mt Gox, we are talking about BTC worth billions of dollars, and it makes sense that tons of victims would want to cash out after all this time of waiting. That's a significant amount of money, the sort that can have a major short-term impact. Bitcoin is 10% down over 7 days, and I think it can easily lose another 10-15% of its value. But it's a strictly temporary phenomenon, and I don't believe it will have a long-term negative impact on the price. So let's just wait it out and see how Bitcoin recovers by the end of 2024 (or doesn't recover, who knows).
July 05, 2024, 07:50:36 AM
The MtGox representative stated that payments on Kraken may take up to 90 days, on Bitstamp up to 60 days, on Bitgo up to 20 days, and on SB VC Trade and Bitbank up to 14 days.
This seems like a long time. Will everyone have enough patience?
This seems like a long time. Will everyone have enough patience?
July 05, 2024, 07:47:33 AM
Depending on the amount that they are trying to sell, it’s usually going to go even lower if that happens. I just hope that the people who bought at the top would be able to continue holding. I really feel that we could’ve reached even higher with BTC soon. It’s just retest and it will come full circle, I hope.
July 05, 2024, 07:45:17 AM
We have seen extensive sell off of Bitcoin and we have discussed a multiple times about the panic selling. There is nothing new the market always react to bad news. The problem here is that it used to be a trend in the past. Why is again happening is unknown.
To an extent I feel the market is overreacting as the refund is of approximately $8BN. That is way low according to the current market market capitalization of Bitcoin. It is impossible to control the panic in the market and it is possible that the price of Bitcoin might go bellow $50K.
To an extent I feel the market is overreacting as the refund is of approximately $8BN. That is way low according to the current market market capitalization of Bitcoin. It is impossible to control the panic in the market and it is possible that the price of Bitcoin might go bellow $50K.
July 05, 2024, 07:40:18 AM
Bitcoin started dropping as soon as the on-chain data showed that 2.7B has moved from the Mtgox cold wallet so as people start to get their money and selling it, I would imagine it will drop even further. But then it depends on how they're planning to distribute this. AFAIK, they have a 90 days window (deadline to give everyone their money back) but whether they're planning to give it all now, or not is something we don't know.
July 05, 2024, 07:28:08 AM
How do you perceive the likelihood of triggering a round of Bitcoin sell-offs？
According to news provided by media such as Mt.gox started selling and paying bitcoins to their victims, the German government sells bitcoins...which means we will face pressure huge sell and bitcoin will probably fall below 50k.
But I doubt if this news is true and is it ongoing or has it ended? I mean these things are over but someone wants to use the news to manipulate us into panicking and dump our bitcoins. I'm skeptical because why didn't the German government sell bitcoin when it was priced at 72k$ but sold bitcoin when it was priced at 53k$?
Given the current situation, we should prepare ourselves with two plans instead of just focusing on our expectations because anything can happen, IMO.
July 05, 2024, 06:59:50 AM
The momentum is too big, it will drop a lot more.
And I wouldn't expect fast recovery, it will take years - if it ever recovers as investors are shifting to AI investments.
This horse has been beaten to death and the "number goes up" has dried off.
And I wouldn't expect fast recovery, it will take years - if it ever recovers as investors are shifting to AI investments.
This horse has been beaten to death and the "number goes up" has dried off.
July 05, 2024, 06:20:13 AM
How do you perceive the likelihood of triggering a round of Bitcoin sell-offs？
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