Bitget Research analyst Ryan Lee stated in an interview with The Block that Mt.Gox had earlier announced plans to distribute Bitcoin and Bitcoin Cash repayments starting from July, causing a drop in Bitcoin prices. The announcement was a typical “sell the news” scenario.
The analyst added that despite the proposed $9 billion repayment amount being substantial, Bitcoin prices are resilient. He said, “In the macro environment, the Fed’s net liquidity index has surpassed $6.5 trillion, releasing $400 billion of liquidity into the market, reaching the highest level in 24 months. Coupled with possible rate cuts, Bitcoin has advantages and potential to withstand any negative impact from Mt. Gox selling.”
Tags:
Bitget Research
Mt. Gox
Bitcoin
Federal Reserve
Source link:
https://www.theblock.co/post/301454/bitcoin-price-drops-as-investors-sell-the-…
