HomeBlockchainWhat Impact Will the $9 Billion Sell-Off Have on BTC's Price?

What Impact Will the $9 Billion Sell-Off Have on BTC’s Price?

Final Date Announced for Mt. Gox Bitcoin Refunds Sparks Market Concerns

The long-awaited announcement from defunct Bitcoin exchange Mt. Gox has finally arrived, revealing the final date for refunding Bitcoin and Bitcoin Cash to affected customers. This news has sparked concerns within the cryptocurrency community about the potential impact on the market.

Experts are confident that any potential sell-off from Mt. Gox customers will be absorbed by the market. Lennix Lai, CCO of OKX, believes that many of Mt. Gox’s early users are long-term Bitcoin enthusiasts who are unlikely to sell their holdings immediately. Analysts like Jacob Joseph from CCData also suggest that the market has enough liquidity to handle any mass sell-off.

However, there are varying opinions on the potential impact of the Mt. Gox disbursement. Alex Thorn from Galaxy Digital predicts less sell pressure than expected, while Vijay Ayyar from Gemini points out that the funds will be distributed to varied recipients, which could dissipate the overall impact on the market.

As the cryptocurrency market enters July, analysts are offering insights into Bitcoin’s price prospects. Ali Martinez highlights historical trends that show a strong rebound in July following a negative performance in June. Technical analysts like Rekt Capital also suggest favorable price action for Bitcoin, aiming for a potential rally back to previous highs.

Currently, Bitcoin is trading at $62,630, up 2% in the 24-hour timeframe. With the Mt. Gox refunds on the horizon, the cryptocurrency market is bracing for potential fluctuations in the coming weeks.

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