• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

Mt Gox Settlement and $593 Million of BTC and BCH, Will Bitcoin Rally?

Dalmas Ngetich by Dalmas Ngetich
2 years ago
in
Reading Time: 2min read
technical analysis bitcoin
Advertisement
  • Bitcoin prices steady after yesterday’s sell-off
  • Mt Gox trustee approved 802,521 BTC as claims
  • Volumes stable but below average

Wholesale liquidation of Bitcoin and Bitcoin Cash stash in the hands of Nobuaki could heap pressure on responsible exchanges. Besides, it will also cause unnecessary price fluctuation that may work against victims triggering a sell-off towards Dec 2018 lows.

Bitcoin Price Analysis

Fundamentals

All eyes are on Nobuaki Kobayashi and how he plans to compensate victims of the now defunct Mt Gox following his approval of “802,521 BTC, 792,296 BCH and $38,165,664, and other amounts in various fiat currencies”. At his disposal, according to his latest submission, are cryptocurrencies worth $593 million—in 141,686.35 BTC and 142,846.35 BCH, plus $629,594,540 in cash. However, the trustee is adamant that more of the stolen Bitcoins will be retrieved increasing the number of coins under their control.

Everyone is talking about the 140k BTC potential sell-side pressure from the Mt Gox coin redistribution to creditors

Absolutely no-one is talking about the $627million being distributed to creditors who may then decide to *buy more* Bitcoin pic.twitter.com/3xodxeyxSy

— Alistair Milne (@alistairmilne) March 21, 2019

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

While previous arrangement has it that settlement will be in BTC and other coins of their preference, the Mt. Gox Legal has now submitted a proposal, a draft, detailing their agreement on how best Nobuaki should compensate clients.

I’m definitely buying BTC back once I get my cash distribution and definitely not selling any BTC if I ever get any of the remaining coins back from Civil Rehabilitation. I know many in creditor groups I’m in are talking about doing the same.

— Adam Pokornicky (@callmethebear) March 21, 2019

Noting that direct injection of all these coins will be too complex and “are concerned that any attempt by the Trustee to sell them en masse on the open market would result in a downward movement of the value and also not be in the creditors’ interests”, they propose that Nobuaki should only sell BTC and BCH—the two most valuable coins under Kobayashi—only when they have been moved to a secure location or redistributed.

Candlestick Arrangement

Bitcoin

Despite yesterday’s pressures, Bitcoin (BTC) bulls are resilient. It is up 3.2 percent in the last week and surprisingly firm even after yesterday’s liquidation. Even so, it is likely that prices will trend lower in days ahead as BTC prices re-adjust in light of decreasing volumes over the last couple of days.

Note that our analysis depends on how fast Bitcoin bulls can reverse Feb 24 losses. A month later and buyers are yet to build enough momentum needed for a break and close above $4,500. Besides, when we paste a Fibonacci retracement of Feb 24 high low, yesterday’s sell-off is off the 61.8 percent level.

All the same, for bulls to be in charge as reiterated in previous trade plans, bulls must first close above $4,500 and float above $3,800 meaning every dip is a buying opportunity for risk-off traders.

Technical Indicators

Participation levels are low, and volumes are drying up averaging 7.4k by yesterday’s close. For bears to sail through, then they must convincingly close below $3,800, and that by extension means volumes must exceed Mar 16 of 13k or those of Feb 24 at 36k.

Chart courtesy of Trading View

Tags: bitcoinbtcmt. gox
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Dalmas Ngetich

Dalmas Ngetich

Interested in new Tech

Related Posts

bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

1 hour ago
Five Signs That Say Altcoin Season Hasn’t Even Started Yet

Five Signs That Say Altcoin Season Hasn’t Even Started Yet

6 hours ago
Algorand, OKEx

OKEx Announces Support for USDT and USDC Stablecoins on the Algorand Blockchain

7 hours ago
hashbon

How to Get 0% Commission for Accepting Crypto Payments – Meet Hashbon and Its Native Token

8 hours ago
payment gateway

Open Source vs. Ready-Made Payment Gateways: Which Crypto Processing Option Is Easier to Implement

9 hours ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

13 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.