Mt Gox Upcoming release of funds to its creditors vs Btc Price

[tvplus006]

I don't think that they will hold these bitcoins or are willing to hold them. When Mt gox was hacked, the price of bitcoin was nothing as compared to now. These people are lucky to get that money back and they will dump it right away as first of all it is free money for them and secondly, they have waited enough. 

Most of these users who lost their bitcoins in 2014 did not leave the cryptocurrency world after the collapse of Mt Gox and still hold BTC in their portfolio, who bought possibly for a higher price. All these years they have been closely monitoring the BTC exchange rate and now they will receive bitcoin at a price of approximately $ 500, which they will hold at least until the new ATH. But there will definitely be those for whom, due to life circumstances, fixing a profit at the current price will be sufficient.

[FanEagle]

Honestly, we already saw the "dip" because of the news and people should realize, should have realized long time ago actually, that the news of a thing makes it drop further down than the thing itself. Which means that mt.gox could release the funds and it would not have a big drop, maybe like 1k drop at most and then it will recover.

Just realize that crypto is something that is dangerously volatile based on the news, a great news and it could go up 20%+ and a horrible news and it could crash 20%, doesn't have to happen, just the news of it makes it volatile like that all the time. Hell Elon literally controlled the market with his twitter account for a while.

[blue_hurricanger]

Honestly, we already saw the "dip" because of the news and people should realize, should have realized long time ago actually, that the news of a thing makes it drop further down than the thing itself. Which means that mt.gox could release the funds and it would not have a big drop, maybe like 1k drop at most and then it will recover.

Just realize that crypto is something that is dangerously volatile based on the news, a great news and it could go up 20%+ and a horrible news and it could crash 20%, doesn't have to happen, just the news of it makes it volatile like that all the time. Hell Elon literally controlled the market with his twitter account for a while.

Are you talking about the 'priced in' effect? I'm pretty sure it wasn't just the news about Mt. Gox's going to release the long-awaited fund but also because of the market and economy. Mt. Gox with 137k BTC (according to the rumor) mean little compared to BTC's 24h trading volume which is at 1,220,000 BTC today. Roughly 10% of the amount of BTC's daily trade volume. It'll cause a little damage but that's it.

The thing is, You can see FED has been repeated many times about to increase the rate. The stock market is already down quite badly. And this is just the weekend. Everyone fears the downturn might escalate more in the Monday opening of the EU and Asia stock markets. That's what makes BTC drop down below $20k and may drop further.

[piebeyb]

if they wanted bitcoin price could drop to $0, only that everyone who had put a lot of money in bitcoin would certainly be waiting for this moment to take bitcoin out of their hands at a cheap price, so if they throw it at a low price it won't last long for a decline price and will go back up after that, so everyone will be waiting it's under $20k now, but not sure it will go below $10k, trust me

[tbterryboy]

Finally the market is on the way to the dip again. A few days ago it was said that MT Gox is going to release 140 million BTC. At that time, many thought that the price of BTC would decrease slightly due to this effect. But when that day is going to very close to us, the effect began to fall. I think this effect will not last long but the bearish market period is somewhat longer.

Now the effects of the bear market are still very visible and it is influenced by many things that are generally happening this year so it is not worth relating to just one effect.
Because when viewed globally in terms of the market, it is clear that not many investors and traders are moving to make purchases and invest in something including Bitcoin because some of them may still be recovering their money that was lost due to the decline in currency prices that is still happening.
And that includes Bitcoin so they have to use other money if they still want to buy and invest more in this period.

But the effects of other events are I think have passed already like for example the inflation because I noticed that prices of the goods are returning to normal again. The latest issue that we have now is the mt gox releasing btc to their old users. Maybe that is the only responsible for the recent decline that we are experiencing now.

The reason why many aren't investing yet is because they are done investing already when the price was still lower than the current price but it's still possible for them to invest again as long as the price drops again below 20k. A true investor won't mind their assets declining due to bear but they will in fact add more coins in their existing portfolio.

[abel1337]

These days news about Mt Gox releasing of funds to its creditors is spreading on Twitter and seems very alarming to the BTC price action in coming days, as BTC price has not yet gained any momentum towards 28k which most of the so-called technical analysts predicted. I think we are most likely to hit <15k BTC in the coming days due to the release of almost 140k BTC from Mt gox.

If you search for the #mtgox at Twitter you will see how tense is the situation: https://twitter.com/search?q=%23mtgox&src=typed_query

There is this report by BRL; https://twitter.com/lab_blockchain/status/1557330341139972104
There were 22,560 creditors share total claims of $17 billion with an average claim of ~39btc. Do you think they are going to hold it ?

This is scary not only because so much money is coming into the market but also because most of this money will be immediately realised into fiat because it's of people who have been waiting for it since long. These people would immediately convert all the btc into Fiat in order to use it for their purposes, infact most of the people won't even keep it in btc or central exchanges anymore. So if this supply comes to market at the price point you can easily expect 10-12k btc.

I also think that would be the case. I'm assuming that BTC will dump dive even the claims release is partial and not everyone will get their btc at the same time. The upcoming selling pressure will be big and I think traders are selling out for them to be saved for the expected dump. I personally think that we can hit 15k atleast and 8k at worst if the support can't handle the selling pressure.

[Quidat]

These days news about Mt Gox releasing of funds to its creditors is spreading on Twitter and seems very alarming to the BTC price action in coming days, as BTC price has not yet gained any momentum towards 28k which most of the so-called technical analysts predicted. I think we are most likely to hit <15k BTC in the coming days due to the release of almost 140k BTC from Mt gox.

If you search for the #mtgox at Twitter you will see how tense is the situation: https://twitter.com/search?q=%23mtgox&src=typed_query

There is this report by BRL; https://twitter.com/lab_blockchain/status/1557330341139972104
There were 22,560 creditors share total claims of $17 billion with an average claim of ~39btc. Do you think they are going to hold it ?

This is scary not only because so much money is coming into the market but also because most of this money will be immediately realised into fiat because it's of people who have been waiting for it since long. These people would immediately convert all the btc into Fiat in order to use it for their purposes, infact most of the people won't even keep it in btc or central exchanges anymore. So if this supply comes to market at the price point you can easily expect 10-12k btc.

I also think that would be the case. I'm assuming that BTC will dump dive even the claims release is partial and not everyone will get their btc at the same time. The upcoming selling pressure will be big and I think traders are selling out for them to be saved for the expected dump. I personally think that we can hit 15k atleast and 8k at worst if the support can't handle the selling pressure.

Whenever we do talk about bottoms then it cant really be determined on how low we could possibly able to reach out thats why hits market is totally unpredictable.It could neither get in
line with market news or fundamentals or wouldnt really be having no effect at all or would simply just move on a random manner without even knowing on whats the actual numbers.
It would really be just common sense that on the upcoming Mt.Gox funds sell off will definitely make out some significant impact towards the market and as an investor
then you should really be that wise on making out decisions of your investment.

[pgbit]

Because when this incident happened, the value of bitcoin was very low and many people were not even aware of bitcoin.If these people get their bitcoins back and those people sell bitcoin, the market can crash a lot.But it is also possible that they charge a price in against for these bitcoins But one thing to note is that people who were aware of the importance of bitcoin in 2014 will sell bitcoin in a bear market?.  They will wait for the Bull run.Therefore, it seems unlikely that the Bitcoin price will crash further

[kamvreto]

Because when this incident happened, the value of bitcoin was very low and many people were not even aware of bitcoin.If these people get their bitcoins back and those people sell bitcoin, the market can crash a lot.But it is also possible that they charge a price in against for these bitcoins But one thing to note is that people who were aware of the importance of bitcoin in 2014 will sell bitcoin in a bear market?.  They will wait for the Bull run.Therefore, it seems unlikely that the Bitcoin price will crash further

it is very clear, 90% of them will just throw their bitcoins in a bear market because they have waited long enough for the bitcoin assets they have. this will definitely destabilize the bitcoin market, we must also be prepared to accommodate the bitcoins they sell. eventually everything will return to normal and some of those who are aware of the importance of long term investing and not selling in a bear market will wait for bitcoin price to improve or reach the next ATH.

[dragonvslinux]

It's interesting as I've heard a lot of FUD surrounding the release of these funds in recent days. Not because re-distributing thousands of Bitcoins wouldn't be bearish for the market, but instead news that isn't backed by facts or confirmed by reputable sources - hence FUD, rather than facts. It seems for now price has responded to these inaccuracies accordingly with some panic selling occurring, no doubt as intended.

Elsewhere I heard only a very small portion of funds were being released to creditors, those that opted for the "early lump sum" as opposed to the full amount, as documented by news sources. The reality is, we probably won't know when these funds are distributed until they are in the wallets of the creditors. Now we are hearing of payments coming in instalments, with again the situation dramatically changing.

Don't believe the hype...

it is very clear, 90% of them will just throw their bitcoins in a bear market because they have waited long enough for the bitcoin assets they have.

I think institutions like Fortress will need to buy more claims personally in order to average into further to their long-term investment, as they started acquiring them from creditors in March 2021 when price was at $60+ for a 20% discount. So they started buying at around $40K to $50K thinking they were buying a decent discount, while now price is half that. Are they really going to sell for a 50% loss is the question here.

I also think 90% of them already sold their claims on over a year ago, so I agree with you to some degree. But not convinced the likes of Fortress are going to sell their coins at half price after waiting a year to receive them, more likely they and buy more claims at lower prices after the significant error or acquiring them at the top of the bull market. We still have no idea how many claims have already been sold, but I imagine most.

[BobK71]

Because when this incident happened, the value of bitcoin was very low and many people were not even aware of bitcoin.If these people get their bitcoins back and those people sell bitcoin, the market can crash a lot.But it is also possible that they charge a price in against for these bitcoins But one thing to note is that people who were aware of the importance of bitcoin in 2014 will sell bitcoin in a bear market?.  They will wait for the Bull run.Therefore, it seems unlikely that the Bitcoin price will crash further

People's attitude towards MT Gox can be opposite. Since the price of Bitcoin is at its lowest level, many people will not want to sell Bitcoin. They can also hold. I think human emotions are responsible in this regard. So maybe the market is in a down trend. Hope it will soon recover and the price can be reach at $24k.

[OgNasty]

Don't believe the hype...

it is very clear, 90% of them will just throw their bitcoins in a bear market because they have waited long enough for the bitcoin assets they have.

I think institutions like Fortress will need to buy more claims personally in order to average into further to their long-term investment, as they started acquiring them from creditors in March 2021 when price was at $60+ for a 20% discount. So they started buying at around $40K to $50K thinking they were buying a decent discount, while now price is half that. Are they really going to sell for a 50% loss is the question here.

I also think 90% of them already sold their claims on over a year ago, so I agree with you to some degree. But not convinced the likes of Fortress are going to sell their coins at half price after waiting a year to receive them, more likely they and buy more claims at lower prices after the significant error or acquiring them at the top of the bull market. We still have no idea how many claims have already been sold, but I imagine most.

I know that I sold some BTC around $40K that I expect to get back from mtgox.  It's quite possible that I will hold onto the BTC I get from gox and maybe even buy more if the price dips again.  Saying that people will all sell might not be accurate.  A good point about the big boys using this opportunity to scoop BTC also.  That may make the price rise... 

I would disagree that 90% of mtgox depositors have already sold their claims.  I think the actual number is probably closer to 5%, but that's just my guess.   

In any event, I still haven't received any news that BTC is being distributed, and still have no idea where this rumor that everyone was getting their BTC back today came from.

[blue_hurricanger]

These days news about Mt Gox releasing of funds to its creditors is spreading on Twitter and seems very alarming to the BTC price action in coming days, as BTC price has not yet gained any momentum towards 28k which most of the so-called technical analysts predicted. I think we are most likely to hit <15k BTC in the coming days due to the release of almost 140k BTC from Mt gox.

If you search for the #mtgox at Twitter you will see how tense is the situation: https://twitter.com/search?q=%23mtgox&src=typed_query

There is this report by BRL; https://twitter.com/lab_blockchain/status/1557330341139972104
There were 22,560 creditors share total claims of $17 billion with an average claim of ~39btc. Do you think they are going to hold it ?

This is scary not only because so much money is coming into the market but also because most of this money will be immediately realised into fiat because it's of people who have been waiting for it since long. These people would immediately convert all the btc into Fiat in order to use it for their purposes, infact most of the people won't even keep it in btc or central exchanges anymore. So if this supply comes to market at the price point you can easily expect 10-12k btc.

I also think that would be the case. I'm assuming that BTC will dump dive even the claims release is partial and not everyone will get their btc at the same time. The upcoming selling pressure will be big and I think traders are selling out for them to be saved for the expected dump. I personally think that we can hit 15k atleast and 8k at worst if the support can't handle the selling pressure.

How the heck can 137k BTC crash BTC price back to 10-12k price or 15k at least or 8k at worst? I hate to repeat myself since I already made a post about this but did you know how much BTC's 24h trading volume at? 1,600,000 BTC right now and you think 137k BTC which is only at 8.5% for 1 day could crash BTC price to -50% for the 10-12k price? Or at -25% for 15k at least or -60% for 8k at worst?

It's interesting as I've heard a lot of FUD surrounding the release of these funds in recent days. Not because re-distributing thousands of Bitcoins wouldn't be bearish for the market, but instead news that isn't backed by facts or confirmed by reputable sources - hence FUD, rather than facts. It seems for now price has responded to these inaccuracies accordingly with some panic selling occurring, no doubt as intended.

Elsewhere I heard only a very small portion of funds were being released to creditors, those that opted for the "early lump sum" as opposed to the full amount, as documented by news sources. The reality is, we probably won't know when these funds are distributed until they are in the wallets of the creditors. Now we are hearing of payments coming in instalments, with again the situation dramatically changing.

Don't believe the hype...

it is very clear, 90% of them will just throw their bitcoins in a bear market because they have waited long enough for the bitcoin assets they have.

I think institutions like Fortress will need to buy more claims personally in order to average into further to their long-term investment, as they started acquiring them from creditors in March 2021 when price was at $60+ for a 20% discount. So they started buying at around $40K to $50K thinking they were buying a decent discount, while now price is half that. Are they really going to sell for a 50% loss is the question here.

I also think 90% of them already sold their claims on over a year ago, so I agree with you to some degree. But not convinced the likes of Fortress are going to sell their coins at half price after waiting a year to receive them, more likely they and buy more claims at lower prices after the significant error or acquiring them at the top of the bull market. We still have no idea how many claims have already been sold, but I imagine most.

Even if it were true, the amount isn't that much, enough for everyone to make it like a very big deal, saying it crashes BTC to half of its price and such. I just don't get why everyone keeps saying that. Follow the same narrative everywhere without even checking the BTC's 24h trading volume to get a sense. Sure, I also think it'll hurt the BTC price if they release it in one goes but not as much hurt as everyone thought.

Just feel weird all of a sudden. Like I was talking to a bunch of bots. Or people's spam posts to meet their signature campaign? Cause it's easier to say and repeat over the same thing. Your post makes me feel a bit more real.

[dragonvslinux]

Don't believe the hype...

it is very clear, 90% of them will just throw their bitcoins in a bear market because they have waited long enough for the bitcoin assets they have.

I think institutions like Fortress will need to buy more claims personally in order to average into further to their long-term investment, as they started acquiring them from creditors in March 2021 when price was at $60+ for a 20% discount. So they started buying at around $40K to $50K thinking they were buying a decent discount, while now price is half that. Are they really going to sell for a 50% loss is the question here.

I also think 90% of them already sold their claims on over a year ago, so I agree with you to some degree. But not convinced the likes of Fortress are going to sell their coins at half price after waiting a year to receive them, more likely they and buy more claims at lower prices after the significant error or acquiring them at the top of the bull market. We still have no idea how many claims have already been sold, but I imagine most.

I know that I sold some BTC around $40K that I expect to get back from mtgox.  It's quite possible that I will hold onto the BTC I get from gox and maybe even buy more if the price dips again.  Saying that people will all sell might not be accurate.  A good point about the big boys using this opportunity to scoop BTC also.  That may make the price rise...  

Thanks for your reply on the subject, since you are a creditor so have some accurate information to provide. Do you mind me asking if you got the offer of the "early settlement" or otherwise, and whether it included selling the claim to the likes of Fortress or others that were acquiring those claims? Obviously not looking for specifics, just trying to understand the situation a little better, which still remains very vague.

I would disagree that 90% of mtgox depositors have already sold their claims.  I think the actual number is probably closer to 5%, but that's just my guess.  

I realise 90% of creditors might not have sold, but I fail to understand how if they chose not to sell to those acquiring the claims when price was $50K+ why they would sell a year later when price has dropped over 50%. Maybe it's to do with the discount as well as early settlements reducing the overall return from the distribution? But either way it seems a little strange to me as an outsider to the case why creditors would sell now and not earlier when they were given the opportunity, even at a reduced rate as well as reduced overall return. Hence for those who wanted rid of their coins, they had ample opportunity to do so it seems.

In any event, I still haven't received any news that BTC is being distributed, and still have no idea where this rumor that everyone was getting their BTC back today came from.

I honestly think it was nothing more than a FUD based rumour (that worked well). The price fell and it gave the opportunity for others to liquidate long positions.

Even if it were true, the amount isn't that much, enough for everyone to make it like a very big deal, saying it crashes BTC to half of its price and such. I just don't get why everyone keeps saying that. Follow the same narrative everywhere without even checking the BTC's 24h trading volume to get a sense. Sure, I also think it'll hurt the BTC price if they release it in one goes but not as much hurt as everyone thought.

Indeed, the amount is only around 10% of daily trading volume, assuming that volume isn't grossly inflated, as well as assuming the Bitcoin will be sold the same day, then it won't leave much of a mark on the market compared to other high selling days. If I had to guess it wouldn't cause a 50% drop in price, but more like 10-20% at worst, assuming it's all sold same day as released (which turns out isn't the case).

[Stable090]

There will be a crash in the market if the coin is been credited to the affected users, their will be a dump because most of them will sell it instantly, if they are been credited we might see bitcoin around &15k which is another opportunity for people that are interested in bagging more coin, bitcoin will pump again but it won’t be now, it will take a few months, it might not even be this year but I have believe that bitcoin will be great again and it will be know in every part of the word and it will be accepted as payment method in every part of the world but it will take time.

[EdenHazard]

Because when this incident happened, the value of bitcoin was very low and many people were not even aware of bitcoin.If these people get their bitcoins back and those people sell bitcoin, the market can crash a lot.But it is also possible that they charge a price in against for these bitcoins But one thing to note is that people who were aware of the importance of bitcoin in 2014 will sell bitcoin in a bear market?.  They will wait for the Bull run.Therefore, it seems unlikely that the Bitcoin price will crash further

People's attitude towards MT Gox can be opposite. Since the price of Bitcoin is at its lowest level, many people will not want to sell Bitcoin. They can also hold. I think human emotions are responsible in this regard. So maybe the market is in a down trend. Hope it will soon recover and the price can be reach at $24k.

True .. if it's about mt gox holders vs the casual people that been in crypto for years ... then i would say that the flash crash might occured but for very short term only .. the rest is just another bull coming our way! At least till we meet the all time high mark in the next halving , this shouldnt be a huge obstacle though if you looking at the future impact.

Bitcoin will remain bullish till that day, just be patient.

[KaliLinux]

.... Do you think they are going to hold it ?

They were able to live and wait for years so I won't be surprised if they hold on to it until the next run or longer to maximize their returns.

It's up to them at the end of the day so just be prepared to sell or convert to stable coin if you're too worried about what they will do.

I don't think that they will hold these bitcoins or are willing to hold them. When Mt gox was hacked, the price of bitcoin was nothing as compared to now. These people are lucky to get that money back and they will dump it right away as first of all it is free money for them and secondly, they have waited enough. 

Maybe but I am guessing most will dump 50% which would have been way more than what they had in value then and because they have seen what Bitcoin is now, I bet they would love to hodl some till the next bull market to even gain more from that too, that's what I would have done.

[Bobrox]

There will be a crash in the market if the coin is been credited to the affected users, their will be a dump because most of them will sell it instantly, if they are been credited we might see bitcoin around &15k which is another opportunity for people that are interested in bagging more coin, bitcoin will pump again but it won’t be now, it will take a few months, it might not even be this year but I have believe that bitcoin will be great again and it will be know in every part of the word and it will be accepted as payment method in every part of the world but it will take time.

Suddenly crash more above 10% if true about refunding with t Gox fund to creditor, I think OP need to make clarify what he wrote because an issues Mt Gox Upcoming release of funds to its creditors is not all true. Have another respond from one of Mt Gox team said they not preparing for refunding btc assets to creditor. Looks last several day when this issues publishing make many people worry and panic until bitcoin crash few percent. I think not easy talking about refunding exactly with bitcoin have reach most higher price than first cases happened. Maybe waiting official announcement for Mt Gox member for getting back their fund with bitcoin assets.

[OgNasty]

Another email has been sent out by mtgox. This time pushing the date to register your claim back to March 10th. They’re also pushing back the date for early distributions back from July 31st to September 30th. This ends speculation about a next summer distribution and makes it so that next winter will be the earliest possible date to recover mtgox coins. There’s still plenty of time for this to get pushed back again, but it is feeling like a distribution before the end of 2023 is still a possibility.