Mt. Gox, Gemini $10.5 billion selling pressure weighs on markets
K33 Research Senior Analyst Vetle Lunde said that the potential $10.5 billion worth of crypto selling pressure from Mt. Gox and Gemini is weighing on the market. The amount of BTC that Mt. Gox and Gemini owe back to their users is 141,000 BTC and 27,600 BTC, respectively. Combined, that's roughly...
K33 Research Senior Analyst Vetle Lunde said that the potential $10.5 billion worth of crypto selling pressure from Mt. Gox and Gemini is weighing on the market. The amount of BTC that Mt. Gox and Gemini owe back to their users is 141,000 BTC and 27,600 BTC, respectively. Combined, that's roughly $10.5 billion. Lunde explained that this potential selling pressure, combined with inflation, central bank policy uncertainty, and Middle East tensions, is weighing on the market. He added that a strategy to hedge potential losses by shorting BCH could be attractive once the Mt. Gox redemptions begin.
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