Mt. Gox Bitcoin (BTC) and Bitcoin Cash (BCH) Refunds to Start This Week

Defunct Bitcoin exchange Mt. Gox has finally announced the final date to begin refunding Bitcoin and Bitcoin Cash (BCH) to affected customers

Bitcoin (BTC) price sell-offs have been a topic of discussion among members of the cryptocurrency community as the defunct exchange Mt. Gox prepares to begin refunding BTC and Bitcoin Cash (BCH) to affected customers, possibly starting this week.

However, experts generally agree that any sell-offs related to the Mt. Gox sell-offs are likely to be contained and short-lived.

Some analysts express apprehensions about potential losses in Bitcoin, but they generally agree that any sell-off concerns related to Mt. Gox will likely be contained and short-lived.

For instance, Lennix Lai, chief commercial officer (CCO) of crypto exchange OKX, believes that many early users and creditors of Mt. Gox are long-term Bitcoin enthusiasts who are less likely to sell their entire Bitcoin holdings immediately.

He draws comparisons to previous sell-offs related to law enforcement actions, such as the Silk Road case, which did not result in sustained catastrophic price drops.

On the other hand, experts like Jacob Joseph, a research analyst at CCData, believe that the markets have sufficient liquidity to absorb any possible mass-market sell-off.

According to Joseph, many of Mt. Gox’s creditors may choose to receive early repayment by accepting a 10% reduction on their holdings, which would reduce the overall selling pressure.

Moreover, recent price movements indicate that the temporary impact of Mt. Gox repayments may already be factored into the market, further supporting the view that the potential selling pressure could be mitigated.

Alex Thorn, head of research at Galaxy Digital, believes that fewer coins will be distributed than anticipated, leading to less sell pressure than expected.

However, he acknowledges that even if only 10% of the distributed Bitcoin is sold, it could still have a market impact.

According to Thorn, most individual creditors deposit their coins directly into trading accounts, making them easily sellable.

Meanwhile, Vijay Ayyar, head of consumer growth for Asia-Pacific at crypto exchange Gemini, suggests that the overall impact of the Mt. Gox disbursement is likely to be dissipated due to the varied recipients of the funds.

For example, individual holders will receive their Bitcoin immediately, while a significant amount will be disbursed to claims funds, which will then be distributed to their limited partners over time.

As the cryptocurrency market enters the month of July, analysts are offering insights into Bitcoin’s price prospects based on historical trends and technical analysis.

Notably, Ali Martinez suggests that Bitcoin has historically exhibited a strong rebound in July following a negative performance in June.

According to Martinez, during this month, Bitcoin has shown an average return of 7.98% and a median return of 9.60%.

Furthermore, another technical analyst, Rekt Capital, suggests that Bitcoin exhibits favorable price action to form a cluster at the Range Low of $60,600.

This clustering effect, according to the analyst, could develop throughout July in preparation for a potential rally back to the Range High at $71,500.

At the time of writing, the largest cryptocurrency on the market trades at $62,630, up 2% in the 24-hour time frame.

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