Bitcoin exceeds $66,000: “Don’t overestimate Mt. Gox”

Bitcoin continued its rise as it rose above $66,000 as of Wednesday morning. Yesterday, Mt. Gox transfers, Bitcoin, which dropped to $62,500, was seen to move upwards again later, while a comment by CryptoQuant CEO Ki Young Ju drew attention. Young Ju, Mt. Gox stated that transfers or sales should not be exaggerated.

Bitcoin exceeds $66,000: “Don’t overestimate Mt. Gox”

Developments in the US continue to raise the price of Bitcoin. Donald Trump’s recovery from the assassination and the markets’ expectation of a 100% interest rate cut from the Fed for September pushed the Bitcoin price above $66,000 this morning. The largest cryptocurrency rose above $65,000 for the first time since June 21 yesterday evening.

Mt.Gox fear started after the Germans

One of the important factors in Bitcoin’s price decline was that the German government sold 50,000 BTC in about 3 weeks. Although the German sales are over, Mt. Gox, which has nearly 140,000 BTC in its hands. Gox also started distributions, raising the level of concern in the market. Mt. Gox, which previously sent Bitcoin to BitBank and SBI VC Trade exchanges. Gox bankruptcy management transferred to Kraken for the first time yesterday. Mt. Gox’s transfers caused the Bitcoin price to drop from $65,000 to $62,500.

“Don’t overestimate Mt.Gox”

The Mt. Gox story, which will start payments 10 years after its bankruptcy in 2014, is now coming to an end. Although the Gox story is now coming to an end, the fear of the sale of 140,000 Bitcoins has also enveloped the market… It is certain that the victims, who have made serious profits from the Bitcoins they will receive years later, will make big sales.

However, Ki Young Ju, CEO of on-chain tracking platform CryptoQuant, believes that this situation is exaggerated … Young Ju used the following statements in his tweets on the subject from his X account:

“Mt. Gox is overrated. Currently, the market value in Bitcoin exceeds the realised market value. There is strong demand. Since 2023, $224 billion worth of BTC has been sold, but the price has increased 350%. Mt. Gox’s $3 billion sold on the Kraken exchange alone, that’s 1% of the realised value in the bull cycle. That would be more than manageable liquidity. But Bitcoin is still very vulnerable to speculative FUD. In fact, this is its only weakness… Remember, while you were selling your BTC in the German government sales, others were buying. Now I ask, who’s the smart one?”

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