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This Development Could Signal A Decline In Bitcoin!

Coinputin.com – Meter. Bitcoin (BTC) as the Gox saga enters its final – and possibly most expensive-phase; it may see a new “drop signal” in the coming days.

As indicated by the above-the-chain analysis source CryptoQuant on December 8, the currently closed exchange Mt.Gox’s payment date is only a week away.

Meter. Gox payments deadline nears
Mt, which lost money in 2014. Gox’s creditors are preparing to find out when they will receive their Bitcoins on December 15 after multiple delays. According to Cointelegraph, the willingness to sell for a profit may be outweighed to prevent a mass run on the exchanges. CryptoQuant CEO Ki Young Ju warns Twitter followers:

Until the hacking of 860,000 BTC funds, Mt. Gox was the best known cryptocurrency exchange. About 140,000 BTC will be distributed to creditors through a scheme covering the repayment of lost funds after years of legal wrangling.

Meter. Gox’s website went offline in February 2014, with the value of Bitcoin (BTC) rising rapidly, meaning funds from the repayment plan are now worth $ 2.63 billion.

As cryptoquant points out, that means a lot of potential sales pressure. Given that there are about 28,000 BTC extracted each month, the number received equates to about five months of supply. “As 150,000 BTC is supplied to the market, this could be a downgrade signal for BTC, “another tweet reads.

Disturbing the eerie bitcoin calm
Last week, BTC/USD saw low activity in Bitcoin markets as it entered a period of consolidation following extreme volatility. Backers are using the break time to double their positions, with MicroStrategy announcing a fund-raising round to get an additional $ 400 million in BTC on its next acquisition. Other corporate buyers, including investment giant Grayscale, are also continuing to raise funds.

Most analysts believe Mt. He says the funds to be given to Gox victims could be effective in the BTC market next week.

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