IG Markets analyst: Mt. Gox repayment may not have a significant impact on Bitcoin prices

Golden Finance reported that Mt. Gox plans to repay $8.5 billion worth of Bitcoin. IG Markets analyst Tony Sycamore said that the repayment of loans to creditors next month may not have a significant impact on Bitcoin prices as many people expect. There are too many historical factors to make a specific prediction about the impact of the upcoming repayment, but it is estimated that about half of the Bitcoin (worth about $4.5 billion) may enter the market in July. Sycamore believes that a significant portion of the so-called Mt. Gox selling pressure has already been reflected in the current market conditions. Repayment has been ongoing for a long time. The repayment occurred against the backdrop of deteriorating market sentiment, technical selling, and outflows from the Bitcoin ETF. Most of the speculative 'hot money' in the cryptocurrency space has already left, seeking a 'broader horizon' in the stock market to chase after giant stocks like Nvidia and Apple. In addition, speaking of the price trend of Bitcoin, Sycamore said that he does not believe the current sell-off will continue to decline. He pointed out that the strong support of the 200-day moving average line is one reason to remain optimistic in the coming weeks.