en
Back to the list

Bitcoin whales plan to amass more due to market fear


www.thecoinrepublic.com 24 November 2021 01:54, UTC
Reading time: ~3 m

  • Bitcoin investors are repositioning their buy bids higher after observing some fears added to the market by Mt. Gox crypto assets exchange
  • Ihe latest price actions are an impact of the latest events in the Mt. Gox rehabilitation process
  • The Bitcoin market sentiment has been taking a further beating

Bitcoin whales are seeking opportunities to continue acquisitions. The whale Bitcoiners are observing the price actions closely, to acquire more of the flagship cryptocurrency. Amid BTC achieved a new all-time high earlier this month the coin lost its momentum and declined by more than 16% over the last couple of weeks. Analysts at the time suggested further bearish sentiment. However, the whale investors continued to acquire more of the assets. Notably, again it is observed that these investors are repositioning their buy bids higher after observing some fears added to the market by Mt. Gox crypto assets exchange.

Mt. Gox rehabilitation event is on process

According to data from CoinMarketCap, we have noted that the leading crypto asset again showed some reversing progress. Indeed, the progress helped the coin recover this weekend’s losses and secure the price level above $59,500. However, after such progress, the BTC price returned towards the level of $55k. According to researchers it is noted that the latest movement is an impact of the latest events in the Mt. Gox rehabilitation process.

Bitcoin rehabilitation are now final and binding

According to the original announcement published last week, Mt. Gox trustee Nobuaki Kobayashi confirmed that the plans of rehabilitation are now final and binding. Indeed, the crypto assets exchange’s trustee also announced that the plan is with the implication that the 141k Bitcoin under custody would soon be distributed.

Furthermore, the announcement observed that the Rehabilitation Trustee will make repayments to such creditors holding allowed claims in accordance with the plan itself. It is also known that an announcement will be made to rehabilitate creditors on the details of the specific timing, procedures, and amount of such repayments.

Mt. Gox’s stance doubled market fear

Although the details of the exchange’s conclusions have long been known, the current shaky market seems to be doubling down on their recent stance on Tuesday. Notably, the Bitcoin market sentiment has been taking a further beating.

Besides, following the Crypto Fear & Greed Index, what was a neutral sentiment a day ago is now firmly back in the red zone. Simultaneously, the gauge measuring of Bitcoin shows 33/100 at the time of writing.

Whale Bitcoiners continues to reposition

The price of BTC showed no sign of tackling $60k resistance as the specter of defunct digital assets exchange returned to haunt price sentiments. However, following such scenario, Bitcoin whales reposition their buy bids higher as the actions appears to bore those seeking continuation of the bull market.


   Source
Back to the list