Long Bitcoin and Short Bitcoin Cash to Benefit From Mt. Gox Repayments: Trader
Both assets are being distributed in an ongoing process to creditors of the defunct Mt. Gox crypto exchange. Here’s how some traders are playing it out.
Trading
Bitcoin Traders Target $50K as Billions in BTC Selling Pressure Looms
“The German government still has over $2.3 billion worth of bitcoin, Mt. Gox has more than $8 billion, and the US government has over $12 billion,” one trader pointed out.
As Bitcoin Bellyflops to $54K Only Five Mining Rigs Remain Profitable, Says F2Pool
Miners need to continually sell bitcoin rewards to keep operations afloat, and they are stressed during a market downturn.
Crypto Bulls Rack up $580M Liquidations as Bitcoin Drops 8%, Ether, Solana, Dogecoin Plunge
Traders previously warned of the bearish market reaction to Mt. Gox’s bitcoin repayments.
Bitcoin Nosedives Under $58K Amid Mt. Gox, German Government Wallet Movements
A wallet belonging to a German official entity moved its largest stash of BTC to exchanges earlier today, while Mt. Gox wallets showed activity for the first time in a month.
Bitcoin Plunges Under $59K as Crypto Bulls See $230M Liquidations
Solana’s SOL and dogecoin (DOGE) lead losses among major tokens, with the CoinDesk 20 index down 4.8%.
Bitcoin Sinks Under $61K as One Trader Sticks to $150K Prediction This Year
U.S.-listed ETFs ended a five-day inflow streak with $13 million in net outflows on Tuesday.
Bittensor’s TAO Slides 15% After $8M Wallet Drain Attack
The blockchain was paused early Wednesday to contain the exploit, with security researchers suspecting a private key leakage.
German Government Entity Moves $24M Bitcoin to Kraken, Coinbase: Arkham
Tuesday’s movements come days after the entity shifted $425 million among wallets, with some bitcoin transferred to exchanges.
Mt. Gox Redemption Fears ‘Overblown’ Say Traders as $10B BTC Holdings Draw Concerns
The defunct crypto exchange’s trustees said Monday they are preparing to start distributing bitcoin (BTC) stolen from clients in a 2014 hack in the first week of July.