btc78 (OP)
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July 09, 2024, 06:12:02 AM |
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Mt. Gox has started repayments in Bitcoin and Bitcoin Cash. It is not specified just exactly how much have been distributed and how much there is left however the decline of price of Bitcoin these previous days can be attributed back to this. Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy. Despite a huge sell out, Germany still holds almost 30,000 bitcoins. These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can.
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Catenaccio
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July 09, 2024, 06:16:36 AM |
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Mt. Gox has started repayments in Bitcoin and Bitcoin Cash. It is not specified just exactly how much have been distributed and how much there is left however the decline of price of Bitcoin these previous days can be attributed back to this. It is panic only and the market can absorb it well, immediately or gradually depends on the selling pressure from Mt.Gox. Is big selling pressure good for Bitcoin investors who have been waiting for many months to get discount bitcoin? Now they are given great opportunities that will be taken by intelligent and experienced investors. I know with newbies, greed traders who use leverages, futures surely don't like this uncertain and chaotic week. They are not prepared for chaos in the market and face with margin calls, forced liquidations that make them sad and panic. Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy.
Bitcoin market cap is small and if we compare it to economical size of any big nation, it is very smaller. Selling bitcoins to stabilize a national economy of Germany, one of biggest national economies, is unrealistic.
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Oshosondy
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July 09, 2024, 06:18:34 AM |
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I think the amount of coins given to Mt Gox users is still very small and not up to 5% yet. It was said that the distribution will take 3 months. These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can.
Do not just think that the bear market is over yet. I saw on some news that the bottom as been reach but which I do not believe yet. It is better you DCA than to buy at ones.
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m2017
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July 09, 2024, 06:31:06 AM |
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These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can.
There could not have been so many distraught investors selling their bitcoin in fear, because the greatest pressure on the cryptocurrency market could have been exerted by these two events: bitcoin sale by Germany and Mt.Gox users. The increased supply of bitcoin in the cryptocurrency market inevitably leads to a fall in value. This is a classic law of economics, the swing of supply and demand. Former users of Mt.Gox can't be called distraught investors, because their money was frozen for many years and their desire to sell bitcoin is now completely justified. Plus, not all of them will sell all of their bitcoin. Having seen the results of a long hold, some users will certainly leave some part of bitcoin for storage.
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hd49728
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July 09, 2024, 06:36:09 AM |
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There could not have been so many distraught investors selling their bitcoin in fear, because the greatest pressure on the cryptocurrency market could have been exerted by these two events: bitcoin sale by Germany and Mt.Gox users. The increased supply of bitcoin in the cryptocurrency market inevitably leads to a fall in value.
They are newbie investors and I don't argue to say they are not investors but let's say amateur investors. A more proper term to call these people is "speculators", not actual "investors" but if you tell them that they are not investors, but only speculators, they will disagree with you. Disagree or agree with you, calling them as speculators, it's not matter because they in reality don't react like investors, but panic sell like speculators who see their greedy bets fail and panic exit the market.
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Bitstar_coin
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July 09, 2024, 06:53:28 AM |
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There could not have been so many distraught investors selling their bitcoin in fear, because the greatest pressure on the cryptocurrency market could have been exerted by these two events: bitcoin sale by Germany and Mt.Gox users. The increased supply of bitcoin in the cryptocurrency market inevitably leads to a fall in value.
They are newbie investors and I don't argue to say they are not investors but let's say amateur investors. A more proper term to call these people is "speculators", not actual "investors" but if you tell them that they are not investors, but only speculators, they will disagree with you. Disagree or agree with you, calling them as speculators, it's not matter because they in reality don't react like investors, but panic sell like speculators who see their greedy bets fail and panic exit the market. Anyone still caught up in panic selling their btc whenever the market shows a sign of dip is either not paying attention or haven't leant anything from all the events surrounding btc price movement. I think the hardest part of the Mt.Gox victims is already over, they all have or will soon have their btc in their personal possession so what is the need to sell off in a hurry when you have the power to decide when to sell now. Despite years of being in this space, there will always be those type of investors that are not sure of their investment, they panic sell at any given negative news.
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slaman29
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July 09, 2024, 08:28:11 AM |
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Hmm I don't think we can attribute the market to Gox. It's old speculation, and doesn't work anymore. I previously wrote about how deep the liquidity is already so even 1000 BTC dropped in a single order won't affect the market, trust me.
In fact, any sales should already be predone. All the BTC is ready, they are sending it out already, most likely even offchain if all agreed parties have custodials (which they surely do).
Doubt these people waiting and getting repayments are dumping all at once.
Why would 'investors' fear? If they knew it's Gox + Germany selling causing the 'dump', then they have nothing to fear.
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Cryptmuster
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July 09, 2024, 08:28:41 AM |
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Mt. Gox has started repayments in Bitcoin and Bitcoin Cash. It is not specified just exactly how much have been distributed and how much there is left however the decline of price of Bitcoin these previous days can be attributed back to this. Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy. Despite a huge sell out, Germany still holds almost 30,000 bitcoins. These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can. Where did you get the information that Germany sold its bitcoins? If I'm not mistaken, they just moved a small amount of them to several exchanges, but hasn't sold them yet. The same goes for Mt Gox, are you sure they have started paying out? The market definitely picked up this news, and Bitcoin reacted with a fall, but if there is a seller on the market, then there will also be a buyer who will buy these volumes. I think the bull market is not over yet, and even if this is true and Mt Gox finally pays out, then this long story will finally be over and they will no longer have leverage over Bitcoin prices when they were able to manipulate this news every time.
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CryptoBuds
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July 09, 2024, 08:44:40 AM |
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These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can.
The market always has bulls and bears so it is not surprising that many people panic and sell with this series of news while many people want to own bitcoin so this is an opportunity for them to buy at a discount better. Additionally, Fud is already a part of the market and it will become more and more dense each time the real bull season is approaching. So those who are selling will soon regret it and those who take advantage of this opportunity will deserve a bigger reward. Personally, I really don't care about this type of news because I'm a long-term investor and only buy more, not sell if I haven't reached my goal.
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Apocollapse
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July 09, 2024, 09:27:33 AM |
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Honestly they sell very small amount that what they have, they only sold 1,5K from 140K coins, 1,5K Bitcoin worth $85 Million, while average 24 hours Bitcoin volume is 580K coins or worth $33 Billion. So, Mt.Gox sold their coins almost give no effect to the market, but the paper hands and medias make it's really a very important event, that's why Bitcoin touched $52K. Germany isn't only sell Bitcoin, they also buy some. In short, they're trading Bitcoin, is there anything wrong to trade Bitcoin?
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Lucius
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July 09, 2024, 10:23:40 AM |
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~snip~ Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy. Despite a huge sell out, Germany still holds almost 30,000 bitcoins.
Poor Germans, what has their economy fallen to when they depend on the $3 billion they will get when they sell BTC. I hope that Scholz will have enough for his summer vacation, and that Ursula von der Leyen will also get her share of the cake so that she can buy herself that 5000 EUR purse and a new bathing suit so that she can show off on the beach in an exclusive resort on the Cote d'Azur ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Some people really live in a fairy tale world and believe everything they read...
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naira
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July 09, 2024, 10:49:04 AM |
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Mt. Gox has started repayments in Bitcoin and Bitcoin Cash. It is not specified just exactly how much have been distributed and how much there is left however the decline of price of Bitcoin these previous days can be attributed back to this. Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy. Despite a huge sell out, Germany still holds almost 30,000 bitcoins. These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can. This panic does not only originate from Mt. Gox, the German and US governments and several miners are also doing the same thing because the decreasing income from the halving requires them to sell some bitcoin to cover the increasingly expensive development costs. The large selling power in the market does attract the attention of panic sellers, but on the other hand, those of us who have cold funds will be grateful because we can buy in an ideal area. Maybe there will still be a decline during Mt. Gox distributes Bitcoin to its customers who have been waiting for their assets for a long time. The distribution duration takes up to months, peaking at the end of this year we can see the resilience of Bitcoin's value in a fairly deep area.
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EL MOHA
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July 09, 2024, 10:50:38 AM |
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The thing the news about the Germans buying back is really not that accurate as some news outlets debunked that, what was really happening was that they transferred a large chunk of amount (around $1B) to various exchanges like coin base, Kraken, Bitstamp and after some time selling off they returned some coins back to their wallets again. This has been on repeat for days now and reasons why I feel they are not buying but rather selling some off and returning the rest is the number of coins they take out is usually more than they return. Although it is not wrong since it is a seized asset they need to sell but they just sell OTC which many predicts will be more profitable to them than this back and forth on exchanges. But as you pointed out this Shouldn’t be causing a real problem regarding the volume of sale but the problem is that the media are actually using this to create a FUD among investors and as such it is not only them that is selling. I check the fear and greed factor the other day and it declined to around 27% which is a yearly low. As someone looking to stach more my opinion is buy the fear
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yazher
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July 09, 2024, 11:25:50 AM |
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This has been happened before and this is a huge chance for someone who hasn't been getting any bitcoins yet at affordable price because after this event, there will be no more chance like this and it will be too late to buy bitcoins for a lower price.
Of course, we have been through this and those who are panicking right now probably can't afford to lose their capital and others are easily pulling out their investment because of the bad scenarios in the crypto market nowadays.
Anyway, this storm will pass and we will soon see some greenery in the crypto market price along with the recovery price of bitcoins because others will also start to accumulate high amount of bitcoins again.
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pakhitheboss
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July 09, 2024, 11:47:10 AM |
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This has been happened before and this is a huge chance for someone who hasn't been getting any bitcoins yet at affordable price because after this event, there will be no more chance like this and it will be too late to buy bitcoins for a lower price.
Of course, we have been through this and those who are panicking right now probably can't afford to lose their capital and others are easily pulling out their investment because of the bad scenarios in the crypto market nowadays.
Anyway, this storm will pass and we will soon see some greenery in the crypto market price along with the recovery price of bitcoins because others will also start to accumulate high amount of bitcoins again.
The situation before was different to what we are noticing now. Before Bitcoin spot ETF was not approved whereas now it is approved and the inflow from these ETFs are holding the price of Bitcoin. Being said that a large chunk of Bitcoin is now going to institutional investors and big whales. The situation does not look problematic now but eventually these guys will decide the future price of Bitcoin. You are right the market is overreacting and most of them are retail investors as they were always lose hands. Not much to say but the way things are now more panic selling will be witnessed by us like it used to be before. Inam expecting Bitcoin to go below $50K once again and then it will again come back after a few months to where it was earlier.
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GbitG
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July 09, 2024, 09:06:18 PM |
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~snip~ These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can.
Yeah, obviously it's time to buy! To be honest due to these two events that have caused a decline in the price of Bitcoin, I concluded that this is not the time to panic, we should not be afraid of the dynamic of the market, that a defensive stance should be adopted, while more offensive stances should be made. I mean we will taken the advantages form this dip. Because these kind of activities are common in bull runs, Those who have seen previous bear markets and bull markets they will be well aware that a similar decline in price is a normal routine. it is an opportunity for buying instead of panic. Therefore, I also believe that it is the time for buying at cheap price because if Bitcoin make a U-turn there is a high possibility that the price of Bitcoin will gradually start surging and possibly the price to move straight forward towards 85k or 100k So, fill your wallet as soon as possible, i.e., buy and just wait until the new ATH of the price.
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btc78 (OP)
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July 10, 2024, 03:15:37 AM |
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Mt. Gox has started repayments in Bitcoin and Bitcoin Cash. It is not specified just exactly how much have been distributed and how much there is left however the decline of price of Bitcoin these previous days can be attributed back to this. Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy. Despite a huge sell out, Germany still holds almost 30,000 bitcoins. These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can. Where did you get the information that Germany sold its bitcoins? A “German Government (BKA)” labeled cryptocurrency wallet has sold another $900 million worth of Bitcoin, sparking fears that the related selling pressure will push the BTC price lower. This is among many news I have read the past day. This one is from this article. If I'm not mistaken, they just moved a small amount of them to several exchanges, but hasn't sold them yet.
It has been reported that Germany still has many bitcoin that they hold and they will continue to transfer them out of their holdings and into exchanges. Even though some of it has not been sold yet it feels inevitable at this point as it is clear that selling these bitcoin is their intention after all. The same goes for Mt Gox, are you sure they have started paying out?
Indeed we don't know that for sure as I have not yet heard anyone of receiving repayment unless someone else did. Regardless, I think it definitely has some impact on the market no matter how miniscule.
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avikz
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July 10, 2024, 05:17:12 AM |
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Mt. Gox has started repayments in Bitcoin and Bitcoin Cash. It is not specified just exactly how much have been distributed and how much there is left however the decline of price of Bitcoin these previous days can be attributed back to this. Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy. Despite a huge sell out, Germany still holds almost 30,000 bitcoins. These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can. These incidents could have attributed to the decline in Bitcoin's price. There could be more incidents which we are not aware of, may be or may not be! Countries will always try to liquidate their bitcoin holdings in order to increase their forex reserve. Every now and then, we will see such attempt to liquidate the holdings from any government who are sitting on a pile of seized Bitcoins. Only a few would recognize, that such events are actually a great time to buy and to average out the buying price if we have acquired Bitcoins at a higher price point. MtGox investors are going through an extremely lucky time it seems!
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LogitechMouse
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July 10, 2024, 05:37:25 AM |
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~ These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can.
I don't know any better reason than you said. You've said it already. Mt Gox repaying those who lost their money a decade ago and Germany selling the Bitcoins they seized caused uncertainty and fear towards the investors hence, it created panic to them that's why they're panic selling thus, helping in putting the price of Bitcoin going down. Fear really is a big problem with these investors because they always think that if there's an institution/government or whatever it is that's selling huge chunks of Bitcoin, they believe that it will push the price of Bitcoin that hard. These 2 events caused fear towards the investors that's why we are seeing the price of Bitcoin going down (even though we saw a bit of a recovery already). Anyway, if you're a smart investor, you will see that this kind of events are a perfect opportunity for us to buy Bitcoin at a lower price. I believe that we are all smart investors here that's why we took the opportunity to accumulate more Bitcoins, isn't it? As for what's happening, I don't care TBH. I'm focused on what I'm doing which is Dollar-Cost Average.
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davis196
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July 10, 2024, 05:45:59 AM |
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Mt. Gox has started repayments in Bitcoin and Bitcoin Cash. It is not specified just exactly how much have been distributed and how much there is left however the decline of price of Bitcoin these previous days can be attributed back to this. Additionally, Germany have also sold a huge chunk of their seized bitcoin in an operation against a piracy site last active almost over a decade ago. The exact reason why is unclear however many suspects that Germany is trying to liquidate the Bitcoins they hold to stabilize their economy. Despite a huge sell out, Germany still holds almost 30,000 bitcoins. These two events contribute to the decline of bitcoin's price. Frantic investors have all sold their bitcoin in fear but if you know better, you know this is the right time to buy and accumulate as much bitcoin as you can. AFAIK, Germany sold seized Bitcoins that are worth around 2 billion dollars. Do you really think that the Germans will stabilize their economy with 2 billion dollars? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Many countries around the world have lots of seized BTC to sell and this will add more selling pressure to the BTC market, but that's OK. The Mt.Gox repayments are a good news for all the Mt.Gox investors, who kept waiting for years to get their BTC back. The Bitcoin market can survive the price drop, that was caused by such events. There's nothing to worry about and the people, who are spreading FUD and "doom and gloom" predictions need to STFU.
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