Panic in the Market : Mt Gox Returns

By Astroboy13 | CryptoByte | 24 Jun 2024


You may have seen that the crypto market, especially Bitcoin, has taken a hit today, dropping from 63k to 59k in a span of hours. Let’s see the state of the market and why it happened !

1*kA9-7A97eoM9jTrbHLI-_Q.png

Mt Gox Is Back

Mt Gox, for those who are not familiar with it, was a very important crypto exchange that was launched in 2010 and filed for bankruptcy four years later in 2014. At its peak, Mt Gox handled over 70% of all Bitcoin in circulation at that time ! 

Sadly, a hack that stole 850,000 Bitcoin put an end to the exchange. A part of those Bitcoins were recovered and for a long time now, users were waiting for their refund

There were many attempts to start repayment plans, but they were delayed for a variety of reasons. Today we have an official date ! Those repayments will start in July :

1*5NY-n_XzZZ7IH3nUWdjv5g.png

In total, 9 billion dollars worth of Bitcoin will be restituted to their owners.

The Market

After this news, Bitcoin, which was already in a downtrend, fell to 59k :

1*PcA1mO4lF-HAhmpktIHL-A.png

In comparison to other alts, that’s quite a lot for the most capitalized crypto. Meanwhile, most of the alts didn’t suffer more, which is great news for alts holders after months of suffering.

A lot of people have been saying that this news will mark the bottom of this correction because Mt Gox has been a threat for investors for years now, with the most recent one in January after the ETF approvals :

1*zIfgQO8VnXIyytsPm4dXIQ.png Source : Twitter (X)

Whatever the answer, this correction confirms once again that we are in a range between 70k and 60k, with sometimes some fake breakouts.

1*lWomCeuUAzFhmtXEftBoFQ.png Source : Tradingview

Someday, this range is finally going to break, but that might take some time. In a situation like this, it’s always a good opportunity to invest when prices visit the lower zone of the range. Dollar-cost averaging is a great way to invest because prices might go down further.

And you, what do you think about this situation ?

As always thank you for reading !

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Disclaimer : This is not a financial advice, you need to do your own research !

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Astroboy13
Astroboy13

I'm a crypto entousiast


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