Preparation for Possible Mt Gox Dump
The crypto ecosystem had been concerned about the hack of a very old centralized exchange, called Mt. Gox, and the uncertainties of the case of Mt. Gox regarding the release of Bitcoin to the markets. As the lawsuit was concluded, there will be 950,000 Bitcoin being distributed to the users of that exchange when the crypto theft took place.
This can be seen as great news for those who lost their money back in the history. However, considering the fact that these people got their Bitcoin with more than 10K times higher price, expecting a sell - off would not be very surprising for any one of us.
As a result of the case after 10 years, the crypto investors are hesitant to take a new position in crypto until the market consolidates if the Mt. Gox users choose to sell their Bitcoin. Since $9B is a big amount of money when there are no buyers in the trade, a couple of long red candles can destroy the market in the short term.
Hunting Shorts First
Due to the narrative of Mt. Gox dump, the short positions had been on a rise in several exchanges. However, one or a couple of whale(s) were slightly pushing the price of Bitcoin on the perpetual market in Binance exchange.
" Take the money and escape from the risk" may show itself when the early investors of Bitcoin sees that the price is around good levels to take huge profits.
Possibly, the market maker is pushing the price higher so that the buyers and sellers meet each other at higher price levels. Unless the buyers are motivated, there can be a worse bloodbath in crypto ecosystem.
Support Levels May not Stand
The magnificent level of $59.5K in Bitcoin has not been violated. The price was able to recover from that support level as the buyers had their positions set on this level.
Considering the size of Bitcoin might be dumped, it is possible for us to see below $58K, even up to $52K, if the fear surrounds the market.
Shorts got liquidated though the market had no solid reason to go up (especially when we consider the FUD of Mt. Gox in crypto). As naive crypto investors start to believe in a permanent recovery, I expect to see Mt. Gox dump around $63K - $64K levels.
What do you think about the recent price actions in the crypto ecosystem?
Share your thoughts below 👇
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Thanks for remembering me of potential Mt Gox impact
If BTC goes down 👇 it will create a huge opportunity to buy cheap HIVE.
Better buy cost averaging with caution ⚠
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