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    Home » Mount Gox The Unshakable Market CoinShares
    Bitcoin

    Mount Gox The Unshakable Market CoinShares

    By adminJul. 4, 2024No Comments2 Mins Read
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    Mount Gox The Unshakable Market  CoinShares
    Mount Gox The Unshakable Market CoinShares
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    CoinShares analysts believe concerns over the impact of Mt. Gox on the cryptocurrency market may be overstated. Mt. Gox, once the largest Bitcoin exchange, filed for bankruptcy after significant hacking attacks from 2011 to 2014. The exchange has since recovered many lost tokens and is in the process of repaying creditors. The prolonged bankruptcy proceedings are a source of uncertainty due to potential selling pressure.

    In their latest report, CoinShares suggests that Mt. Gox creditors may opt to retain a significant portion of the recovered tokens to minimize tax liabilities. They anticipate that any sell-offs could be distributed across various cryptocurrency exchanges, ensuring sufficient liquidity to absorb selling pressure.

    The report highlights that creditors are expected to recover approximately 15% of their original BTC holdings, which represents a staggering increase of about 13,600% since the stock market crash.

    Read more:


    Has the Bitcoin bull market ended? – Insights from CryptoQuant analysts

    If creditors choose to sell immediately, the substantial gains could lead to significant tax implications. Therefore, many creditors may opt to sell only a small portion of their holdings or temporarily hold onto their tokens.

    CoinShares also notes that creditors have had numerous opportunities over the past 12 years to sell their claims for USD but have largely chosen not to do so, indicating a reluctance among many creditors to sell their Bitcoin immediately upon receipt.

    Furthermore, distributions will occur at different times across multiple exchanges (such as Bitstamp, Kraken, Bitbank, BitGo, SBI VC Trade), which should reduce the risk of simultaneous large-scale sell-offs.

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