{"id":375723,"date":"2019-03-22T17:00:44","date_gmt":"2019-03-22T17:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=375723"},"modified":"2024-06-11T18:26:06","modified_gmt":"2024-06-11T18:26:06","slug":"mt-gox-settlement-and-593-million-of-btc-and-bch-will-bitcoin-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/mt-gox-settlement-and-593-million-of-btc-and-bch-will-bitcoin-rally\/","title":{"rendered":"Mt Gox Settlement and $593 Million of BTC and BCH, Will Bitcoin Rally?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin prices steady after yesterday\u2019s sell-off<\/em><\/li>\n<li><em>Mt Gox trustee approved 802,521 BTC as claims<\/em><\/li>\n<li><em>Volumes stable but below average<\/em><\/li>\n<\/ul>\n<p><em>Wholesale liquidation of Bitcoin and Bitcoin Cash stash in the hands of Nobuaki could heap pressure on responsible exchanges. Besides, it will also cause unnecessary price fluctuation that may work against victims triggering a sell-off towards Dec 2018 lows.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>All eyes are on Nobuaki Kobayashi and how he plans to compensate victims of the now defunct Mt Gox following his approval of \u201c802,521 BTC, 792,296 BCH and $38,165,664, and other amounts in various fiat currencies\u201d. At his disposal, according to his latest <a href=\"https:\/\/twitter.com\/PandaofBinance\/status\/11932416\" rel=\"nofollow\">submission<\/a>, are cryptocurrencies worth $593 million\u2014in 141,686.35 BTC and 142,846.35 BCH, plus $629,594,540 in cash. However, the trustee is adamant that more of the stolen Bitcoins will be retrieved increasing the number of coins under their control.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Everyone is talking about the 140k BTC potential sell-side pressure from the Mt Gox coin redistribution to creditors<\/p>\n<p>Absolutely no-one is talking about the $627million being distributed to creditors who may then decide to *buy more* Bitcoin <a href=\"https:\/\/t.co\/3xodxeyxSy\" rel=\"nofollow\">pic.twitter.com\/3xodxeyxSy<\/a><\/p>\n<p>&mdash; Alistair Milne (@alistairmilne) <a href=\"https:\/\/twitter.com\/alistairmilne\/status\/63770112?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 21, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While previous arrangement has it that settlement will be in BTC and other coins of their preference, the Mt. Gox Legal has now submitted a proposal, a draft, detailing their agreement on how best Nobuaki should compensate clients.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I\u2019m definitely buying BTC back once I get my cash distribution and definitely not selling any BTC if I ever get any of the remaining coins back from Civil Rehabilitation. I know many in creditor groups I\u2019m in are talking about doing the same.<\/p>\n<p>&mdash; Adam Pokornicky \u221e\/21M, \ud83c\udf44 (@callmethebear) <a href=\"https:\/\/twitter.com\/callmethebear\/status\/52924416?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 21, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Noting that direct injection of all these coins will be too complex and \u201c<em>are concerned that any attempt by the Trustee to sell them en masse on the open market would result in a downward movement of the value and also not be in the creditors&#8217; interests<\/em>\u201d, they propose that Nobuaki should only sell BTC and BCH\u2014the two most valuable coins under Kobayashi\u2014only when they have been moved to a secure location or redistributed.<\/p>\n<h3>Candlestick Arrangement<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-375725\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-22.png?resize=1280%2C1024\" alt=\"Bitcoin\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-22.png?w=1280 1280w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-22.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-22.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-22.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-22.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-22.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Despite yesterday\u2019s pressures, <a href=\"https:\/\/wncen.com\/2019\/03\/21\/hold-bitcoin-btc-billionaire-recommends-even-as-coin-demand-wane\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin (BTC)<\/a> bulls are resilient. It is up 3.2 percent in the last week and surprisingly firm even after yesterday\u2019s liquidation. Even so, it is likely that prices will trend lower in days ahead as BTC prices re-adjust in light of decreasing volumes over the last couple of days.<\/p>\n<p>Note that our analysis depends on how fast Bitcoin bulls can reverse Feb 24 losses. A month later and buyers are yet to build enough momentum needed for a break and close above $4,500. Besides, when we paste a Fibonacci retracement of Feb 24 high low, yesterday\u2019s sell-off is off the 61.8 percent level.<\/p>\n<p>All the same, for bulls to be in charge as reiterated in previous trade plans, bulls must first close above $4,500 and float above $3,800 meaning every dip is a buying opportunity for risk-off traders.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Participation levels are low, and volumes are drying up averaging 7.4k by yesterday\u2019s close. For bears to sail through, then they must convincingly close below $3,800, and that by extension means volumes must exceed Mar 16 of 13k or those of Feb 24 at 36k.<\/p>\n<p><strong><em>Chart courtesy of Trading View<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin prices steady after yesterday\u2019s sell-off Mt Gox trustee approved 802,521 BTC as claims Volumes stable but below average Wholesale liquidation of Bitcoin and Bitcoin Cash stash in the hands of Nobuaki could heap pressure on responsible exchanges. Besides, it will also cause unnecessary price fluctuation that may work against victims triggering a sell-off towards Dec 2018 lows. Bitcoin Price Analysis Fundamentals All eyes are on Nobuaki Kobayashi and how he plans to compensate victims of the now defunct Mt Gox following his approval of \u201c802,521 BTC, 792,296 BCH and $38,165,664, and other amounts in various fiat currencies\u201d. At his disposal, according to his latest submission, are cryptocurrencies worth $593 million\u2014in 141,686.35 BTC and 142,846.35 BCH, plus $629,594,540 in cash. However, the trustee is adamant that more of the stolen Bitcoins will be retrieved increasing the number of coins under their control. Everyone is talking about the 140k BTC potential sell-side pressure from the Mt Gox coin redistribution to creditors Absolutely no-one is talking about the $627million being distributed to creditors who may then decide to *buy more* Bitcoin pic.twitter.com\/3xodxeyxSy &mdash; Alistair Milne (@alistairmilne) March 21, 2019 While previous arrangement has it that settlement will be in BTC and other coins of their preference, the Mt. Gox Legal has now submitted a proposal, a draft, detailing their agreement on how best Nobuaki should compensate clients. I\u2019m definitely buying BTC back once I get my cash distribution and definitely not selling any BTC if I ever get any of the remaining coins back from Civil Rehabilitation. I know many in creditor groups I\u2019m in are talking about doing the same. &mdash; Adam Pokornicky \u221e\/21M, \ud83c\udf44 (@callmethebear) March 21, 2019 Noting that direct injection of all these coins will be too complex and \u201care concerned that any attempt by the Trustee to sell them en masse on the open market would result in a downward movement of the value and also not be in the creditors&#8217; interests\u201d, they propose that Nobuaki should only sell BTC and BCH\u2014the two most valuable coins under Kobayashi\u2014only when they have been moved to a secure location or redistributed. Candlestick Arrangement Despite yesterday\u2019s pressures, Bitcoin (BTC) bulls are resilient. It is up 3.2 percent in the last week and surprisingly firm even after yesterday\u2019s liquidation. Even so, it is likely that prices will trend lower in days ahead as BTC prices re-adjust in light of decreasing volumes over the last couple of days. Note that our analysis depends on how fast Bitcoin bulls can reverse Feb 24 losses. A month later and buyers are yet to build enough momentum needed for a break and close above $4,500. Besides, when we paste a Fibonacci retracement of Feb 24 high low, yesterday\u2019s sell-off is off the 61.8 percent level. All the same, for bulls to be in charge as reiterated in previous trade plans, bulls must first close above $4,500 and float above $3,800 meaning every dip is a buying opportunity for risk-off traders. Technical Indicators Participation levels are low, and volumes are drying up averaging 7.4k by yesterday\u2019s close. For bears to sail through, then they must convincingly close below $3,800, and that by extension means volumes must exceed Mar 16 of 13k or those of Feb 24 at 36k. Chart courtesy of Trading View<\/p>\n","protected":false},"author":384,"featured_media":344599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,3066],"class_list":["post-375723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-mt-gox"],"acf":[],"yoast_head":"\n<title>Mt Gox Settlement and $593 Million of BTC and BCH, Will Bitcoin Rally?<\/title>\n<meta name=\"description\" content=\"Bitcoin prices steady after yesterday\u2019s sell-off Mt Gox trustee approved 802,521 BTC as claims Volumes stable but below average Wholesale liquidation of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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