Mt. Gox BTC Return to Creditors Coincides with German Government Sales, Bitcoin Halving Event Fades

Concerns about an increased supply of BTC impacted buyer demand for BTC. Investors continued to react to the news of Mt. Gox planning to give creditors

Concerns arose regarding the increased supply of BTC impacting buyer demand. Investors reacted to the news of Mt. Gox planning to credit its creditors with approximately 141,000 BTC, valued at around $8.5 billion.

However, Mt. Gox is not the sole entity posing a supply concern within the crypto market.

The US government also possesses a stash of BTC confiscated during the Silk Road case. In 2020, the government seized approximately 69,370 BTC in connection with the case. While the remaining amount of the US stash is uncertain, further sales could occur, potentially testing the supply-demand dynamics.

Mt. Gox Offload Coincides with German Government Sales

Concurrent with the reports of Mt. Gox returning BTC to creditors was the news of the German government offloading a portion of its BTC stash.

According to Akham, the German government sent approximately 1,300 BTC to exchanges on Thursday. Additionally, the government still holds over 40,000 BTC, which could be sent to exchanges at any time.

The increase in BTC supply partially offset the impact of the Bitcoin halving event in April. Nevertheless, demand could surge if the Fed initiates cutting interest rates. As BTC serves as the bellwether of the crypto market, the trends in the US BTC-spot ETF market flow could play a crucial role.

The above is the detailed content of Mt. Gox BTC Return to Creditors Coincides with German Government Sales, Bitcoin Halving Event Fades. For more information, please follow other related articles on the PHP Chinese website!