Will the Mt. Gox coins affect Bitcoin’s price in August?

[BobK71]

And then we went to $18k and the possibility of another lower lows, but it seems the market has bounce back above $19k but it was not a relief.

Maybe the news really affected us a bit because we remain below the threshold of the whole numbers - $20k. So the best thing now is to observed whether we can touch $19,700 at least this week so the pressure of selling might be taken off at least this weekend.

The news about the release of MT. Gox bitcoin which will start this month will play a huge factor in the next trend of Bitcoin.  I think this news will greatly affect the market because of the possible new volume of BTC to flocks in the sell order of Bitcoin market and might push the price of BTC even lower.  Another thing is the pressure of the next rate hike of FED as stated by Swordsoffreedom.  It looks like Bitcoin will possibly fall under 17k this month.  I hope it won't happen though.

I don't think the mtgox funds are going to start being distributed this month.  They just finalized claims.  More likely we will be given a page to select which payout we want (early or full) and then that process will likely go on for 3-6 months before they start distributing.  Just my opinion, it could be wrong.  I don't think anyone is going to get any funds from mtgox this month though, or next.  We have to decide what payout we want before the trustee can do anything and given that claims took almost 10 years to finalize, I don't see payout types being finalized instantly.

And since we are now in the second week of September, it seems that this news have been forgotten already. And if in fact it did have some effect, we definitely didn't feel it as the loom and doom prediction of $10,000 didn't happen. On the contrary, the price reaches another milestones in $22,000 and up.

So we will see if there is another news about the Mt. Gox coins being being dumped in the market. It might be a slow process or maybe the trustee knows that it will have a bad effect on the price right now, so much better like it will be in the next 3-6 months.

When Mt.Gox announced the release of BTC in August, there was a mixed reaction in the market. And I also think the market has fallen further due to this effect. But at current prices experienced people will never think of selling it. In that case the market will not be affected much. It will recover soon.

[1714669721]

1714669721

[dunfida]

And then we went to $18k and the possibility of another lower lows, but it seems the market has bounce back above $19k but it was not a relief.

Maybe the news really affected us a bit because we remain below the threshold of the whole numbers - $20k. So the best thing now is to observed whether we can touch $19,700 at least this week so the pressure of selling might be taken off at least this weekend.

The news about the release of MT. Gox bitcoin which will start this month will play a huge factor in the next trend of Bitcoin.  I think this news will greatly affect the market because of the possible new volume of BTC to flocks in the sell order of Bitcoin market and might push the price of BTC even lower.  Another thing is the pressure of the next rate hike of FED as stated by Swordsoffreedom.  It looks like Bitcoin will possibly fall under 17k this month.  I hope it won't happen though.

I don't think the mtgox funds are going to start being distributed this month.  They just finalized claims.  More likely we will be given a page to select which payout we want (early or full) and then that process will likely go on for 3-6 months before they start distributing.  Just my opinion, it could be wrong.  I don't think anyone is going to get any funds from mtgox this month though, or next.  We have to decide what payout we want before the trustee can do anything and given that claims took almost 10 years to finalize, I don't see payout types being finalized instantly.

And since we are now in the second week of September, it seems that this news have been forgotten already. And if in fact it did have some effect, we definitely didn't feel it as the loom and doom prediction of $10,000 didn't happen. On the contrary, the price reaches another milestones in $22,000 and up.

So we will see if there is another news about the Mt. Gox coins being being dumped in the market. It might be a slow process or maybe the trustee knows that it will have a bad effect on the price right now, so much better like it will be in the next 3-6 months.

When Mt.Gox announced the release of BTC in August, there was a mixed reaction in the market. And I also think the market has fallen further due to this effect. But at current prices experienced people will never think of selling it. In that case the market will not be affected much. It will recover soon.

Not that much i should say yet there might be some price decrease but it was really just like an ordinary day.How about on the current decrease that we do have now on Bitcoin price as of this moment?

What are the news and sentiments around that we are seeing? None right? It does mean that market could move out without the need of any fundamentals around.This is what make things even more harder
to speculate and presume out on what would be the next movement of Bitcoin.

Now that we are on September it seems out that Mt.Gox talks had been out already or didnt really get that much mention lately.

[posi]

~~

When Mt.Gox announced the release of BTC in August, there was a mixed reaction in the market. And I also think the market has fallen further due to this effect. But at current prices experienced people will never think of selling it. In that case the market will not be affected much. It will recover soon.

I agree. It is not clear whether Mt.Gox will release bitcoin this September or not, since their latest announcement does not indicate when they plan to release bitcoin. Since the current price of bitcoins is so low, it is more likely that people will not sell bitcoins if their bitcoins are returned to them. It has been almost 10 years since the crash and people can wait that long, there is no reason for them to rush to sell their bitcoins at low prices, we are in the market, I think I know that too.

[beerlover]

Honestly people are overreacting to it for sure. In the end we had many bad news on bitcoin before, it happened during 2018 as well, same mt.gox news and it dropped but what happened?

We moved to 68k in 2021 so we shouldn't worry about these, we should be considering these as a normal thing that happens in bitcoin and not an unusual thing. That's my personal opinion of course, but people are making decisions based on news is a wrong thing if you ask me, because fundamental is still strong, a gold covered in dirt is still gold and it will still have the same value, you just have to wait until you wash it before you can sell it but it will be still valuable anyway.

[Wapfika]

Honestly people are overreacting to it for sure. In the end we had many bad news on bitcoin before, it happened during 2018 as well, same mt.gox news and it dropped but what happened?

We moved to 68k in 2021 so we shouldn't worry about these, we should be considering these as a normal thing that happens in bitcoin and not an unusual thing. That's my personal opinion of course, but people are making decisions based on news is a wrong thing if you ask me, because fundamental is still strong, a gold covered in dirt is still gold and it will still have the same value, you just have to wait until you wash it before you can sell it but it will be still valuable anyway.

We are currently on the bear market which all negative news regardless of how big or small will really affect on the mind of traders because traders are fearful during bear market. We experience this many times in the past and preaching to traders to hold in every little news is useless because they always do panic sell as reaction to the market movement. The only way to overcome this is to let the market absorb of the sellers and wait for the traders to calm.

[CoinEraser]

People are far too afraid of these Bitcoins coming to the market. On the one hand, certainly not all of them will be sold at once and on the other hand, the daily trading volume of bitcoin is much higher than the coins from gox are worth. In addition, no one can say whether all coins are offered for sale. Surely there will be many people who will keep these bitcoins as well. They will hope for higher prices than they are now. 


Source: https://twitter.com/Rager/status/1563517175553409026

[OgNasty]

People are far too afraid of these Bitcoins coming to the market. On the one hand, certainly not all of them will be sold at once and on the other hand, the daily trading volume of bitcoin is much higher than the coins from gox are worth. In addition, no one can say whether all coins are offered for sale. Surely there will be many people who will keep these bitcoins as well. They will hope for higher prices than they are now. 


Source: https://twitter.com/Rager/status/1563517175553409026

Daily volume is mostly due to traders.  Billions of dollars in BTC hitting the market will most definitely have an impact in the market.  The last time we saw this much fresh BTC get dumped, it sent the market down around $10K.  It isn't a concern to have right now though.  After still having no option to choose the type of payout, and knowing how slow each step goes, I think the odds of a distribution happening this year are around 3%.  More likely next summer we might see this BTC get distributed, and I wouldn't be surprised to see a sub-$15K BTC at that time.

[_BlackStar]

Daily volume is mostly due to traders.  Billions of dollars in BTC hitting the market will most definitely have an impact in the market.  The last time we saw this much fresh BTC get dumped, it sent the market down around $10K.  It isn't a concern to have right now though.  After still having no option to choose the type of payout, and knowing how slow each step goes, I think the odds of a distribution happening this year are around 3%.  More likely next summer we might see this BTC get distributed, and I wouldn't be surprised to see a sub-$15K BTC at that time.

Yes, I believe the distribution will not be done in one phase and most likely the percentage distribution of each phase will be very low considering several factors have to be considered. I don't know when it will be done, but I'm sure there will be tug-of-war until the distribution process is carried out in stages.

OgNasty, even I believe the price of bitcoin will continue to correct for the rest of the year and I wouldn't be surprised if it hits $12K - $15K even though the distribution isn't finished yet. I just believe as long as bitcoin price distribution can even drop lower, it's very possible.

[CoinEraser]

~

Yes, I've also read that the whole procedure is really slow. A lot of people have complained about this. I also think you're right and the coins won't be distributed before next year. Sure, the negative impact on the price will come, but it won't result in a total crash in price, as some people think. Maybe it's good if the price is low at the time. For this reason maybe some people won't sell their coins, but who knows exactly what will happen. In any case, I'm not worried and I hope that the price will recover quickly after the payout.  

[Reatim]

When Mt.Gox announced the release of BTC in August, there was a mixed reaction in the market. And I also think the market has fallen further due to this effect. But at current prices experienced people will never think of selling it. In that case the market will not be affected much. It will recover soon.

There are so much talk about Mt..Gox announcement , some are positive but majority is negative  but what we must understand is that this will only effect the market short time and not permanently so if you are investing or investor with long term strategy then we should understand that nothing to doubt about the situation because over time? it will recover and may bring us all profit .

[OgNasty]

Another email from mtgox went out last night.  It states that we have until January to decide the type of payout we want to receive.  BTC or Fiat, early or final, etc...  The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested.  This should put some relief into the traders who were worried about mtgox tanking the market in the near term.  It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle.  So for those who are watching to catch the absolute bottom, you may have a while yet.  It is starting to look like the end is near for the mtgox saga though.  Just one more year...

[Jating]

Another email from mtgox went out last night.  It states that we have until January to decide the type of payout we want to receive.  BTC or Fiat, early or final, etc...  The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested.  This should put some relief into the traders who were worried about mtgox tanking the market in the near term.  It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle.  So for those who are watching to catch the absolute bottom, you may have a while yet.  It is starting to look like the end is near for the mtgox saga though.  Just one more year...

Thanks for the update. And so we might rest that this news will have not effect for us until next year. And as expected we are still in the bear market in 2023 so we shouldn't be relax to say that the bottom is in, and so we should be preparing again next year if the news suddenly comes out about Mt. Gox. Unless though the ghost of the past might be finally laid to rest ... for one more year.

[OgNasty]

Another email from mtgox went out last night.  It states that we have until January to decide the type of payout we want to receive.  BTC or Fiat, early or final, etc...  The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested.  This should put some relief into the traders who were worried about mtgox tanking the market in the near term.  It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle.  So for those who are watching to catch the absolute bottom, you may have a while yet.  It is starting to look like the end is near for the mtgox saga though.  Just one more year...

Thanks for the update. And so we might rest that this news will have not effect for us until next year. And as expected we are still in the bear market in 2023 so we shouldn't be relax to say that the bottom is in, and so we should be preparing again next year if the news suddenly comes out about Mt. Gox. Unless though the ghost of the past might be finally laid to rest ... for one more year.

No problem. I’ll continue to provide updates when possible, but Reddit is probably the more informed source for people who want to see the details discussed. Given this new information I tend to think we’re still probably close to a year from the ultimate bottom of the market. Which gives lots of time for people to stack before the next major bull run.

[Maidak]

Another email from mtgox went out last night.  It states that we have until January to decide the type of payout we want to receive.  BTC or Fiat, early or final, etc...  The early payout date looks to me like it will be in July of 2023, with no known date for a final payout suggested.  This should put some relief into the traders who were worried about mtgox tanking the market in the near term.  It also puts somewhat of a target on next summer to be the low in Bitcoin's 4-year price cycle.  So for those who are watching to catch the absolute bottom, you may have a while yet.  It is starting to look like the end is near for the mtgox saga though.  Just one more year...

Thanks for the update. And so we might rest that this news will have not effect for us until next year. And as expected we are still in the bear market in 2023 so we shouldn't be relax to say that the bottom is in, and so we should be preparing again next year if the news suddenly comes out about Mt. Gox. Unless though the ghost of the past might be finally laid to rest ... for one more year.

No problem. I’ll continue to provide updates when possible, but Reddit is probably the more informed source for people who want to see the details discussed. Given this new information I tend to think we’re still probably close to a year from the ultimate bottom of the market. Which gives lots of time for people to stack before the next major bull run.

It's been 7 years and we keep waiting for news like this, rumors keep repeating and they keep asking us to come next year, it's like a joke, LOL.
I think there is no need to worry too much about this kind of news anymore, sooner or later they have to release bitcoins to give back to the victims and we can't stop this from happening. This is bound to happen, everyone should get used to it and stop worrying every time this news comes out.

[Yaunfitda]

And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?

It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.

And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.

[Baofeng]

And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?

It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.

And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.

Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.

The price is still on the sideways and this pattern could be very well go till December.

And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.

[OgNasty]

And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?

It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.

And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.

Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.

The price is still on the sideways and this pattern could be very well go till December.

And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.

No, you’re both horribly wrong. No coins have been distributed yet (see my last posts) so their effect hasn’t been felt yet. People just overreacted to an email thinking they would be distributed a year early. That many coins hitting the market will certainly have an effect, but we’re still a ways away from seeing it happen. The ghost of mtgox is as alive as it ever was and definitely hasn’t been laid to rest.

[LittleBitFunny]

And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?

It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.

And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.

Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.

The price is still on the sideways and this pattern could be very well go till December.

And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.

No, you’re both horribly wrong. No coins have been distributed yet (see my last posts) so their effect hasn’t been felt yet. People just overreacted to an email thinking they would be distributed a year early. That many coins hitting the market will certainly have an effect, but we’re still a ways away from seeing it happen. The ghost of mtgox is as alive as it ever was and definitely hasn’t been laid to rest.

It's all just Fuds and I remember correctly, the ghost of Mt.gox has been haunting us since 2021 and so far it's all just rumors. Recently, although they announced that they will start issuing bitcoins to registered victims in 2023, but I think this is another Fuds of theirs and don't seem to want to return bitcoins to their victims. They are just trying to buy time with promises and tough procedures for the victim to get many people to give up. So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.

[Hamphser]

And I guess that we can say today that the price or the Mt. Gox coins didn't put that much dent on the price?

It's already October and almost end of the month and the worst prediction of like $10k-$15k didn't happen as the price is moving on the line of $19k++.

And with that, I will say that indeed the ghost of Mt. Gox is no longer here to us, I know for us still lingers in their memories, but at least now, we can move forward.

Right, there is just minimal effect, everyone is afraid about the timing because of the bear market, but I guess the custodian, Mr Kobayashi knows what to do that's why the price of bitcoin didn't move or falter because of this news although I would say that it might have but not that huge.

The price is still on the sideways and this pattern could be very well go till December.

And so this is a good news for everyone, if the rehab will continue up to the end of the year with no effect, then it's a good indication that we can finally lay to rest the Mt. Gox coins.

No, you’re both horribly wrong. No coins have been distributed yet (see my last posts) so their effect hasn’t been felt yet. People just overreacted to an email thinking they would be distributed a year early. That many coins hitting the market will certainly have an effect, but we’re still a ways away from seeing it happen. The ghost of mtgox is as alive as it ever was and definitely hasn’t been laid to rest.

It's all just Fuds and I remember correctly, the ghost of Mt.gox has been haunting us since 2021 and so far it's all just rumors. Recently, although they announced that they will start issuing bitcoins to registered victims in 2023, but I think this is another Fuds of theirs and don't seem to want to return bitcoins to their victims. They are just trying to buy time with promises and tough procedures for the victim to get many people to give up. So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.

Its impossible that they would really be not giving back considering that creditors are already anticipating and expecting for their coins to be given back which means if those announcements would end up on being

a hoax then it would really be a big trouble or protest for those creditors.They cant just let those words to be end up on being a joke.Its been a while where we do really hear off about
these Mt. Gox funds.
We've been speculating that this could really make out significant effects on the entire crypto market and we've been waiting for it to happen.
Expect the unexpected as always.

[NeuroticFish]

So far, I don't believe that Mt.gox is willing to give back that bitcoin, that's a huge amount compared to 7 years ago.

They probably no longer have that choice. It's about law now.
Just, if they are smart enough and can stall it a little more so we're back in a bull market, the amounts given back, although a tiny fraction of the initial bitcoins, will still be big money as fiat.


However, I somehow see all these "Mt.Gox money will flood the market" news mostly in times of uncertainty, hence it's imho more about manipulating the market than actually something happening on Mt.Gox story.