Mt. Gox Pressure Continues on Crypto Markets
Mt. Gox transferred 0.021 Bitcoin (BTC) (about $1,400) to Bitstamp earlier today. Even though it transferred a small amount, this transfer shows that it is preparing to repay creditors. Mt. Gox is already expected to repay Bitstamp's creditors soon, so it is thought that the refunds will begin this week. This worries some investors in the crypto market, so I think this is the main source of today's declines.
Mt. Gox has made refunds to Kraken, two Japanese exchanges, Bitbank and SBI VC Trade, and will soon complete repayments to all creditors. Although this current pressure worries investors, it will not last long and then I think Bitcoin and other cryptos will start a big rally. We'll wait and see.
Bitcoin is down about 0.5% today and is currently trading at $67,660. Despite the selling pressures, Bitcoin remains strong, and once the selling pressures are over, incredibly good things can happen. We'll wait and see.
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