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Bitcoin Crashes as Mt. Gox Begins Refunding Customers
Bitcoin crashed (BTC-USD exchange rate) Mt. Gox exchange is reportedly starting to refund the nearly $9 billion in bitcoin it owes customers since its 2014 bankruptcy. With the influx of the cryptocurrency into cryptocurrency markets, investors are worried that customers could quickly sell their coins.
Jared Blikre breaks Mt. Gox Bankruptcy Settlement and takes stock of the general situation of the cryptocurrency sector, while today bitcoin falls to 55,000 dollars.
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This post was written by Melanie Riehl
Video Transcription
Bitcoin crash has collapsed.
Exchange Mount Gox, I think I said right away, is starting to refund the nearly $9 billion in Bitcoin and Bitcoin Cash it owes to customers following its 2014 bankruptcy, fueling fresh fears among investors that customers could quickly sell their coins.
As for finances, Jared Bry talks about it better than Jared Brian.
I’m guessing you’re not a Mount Gox customer, but that’s good news for them.
They will be refunded within the next 60-90 days.
It was a resounding failure.
In reality it was a theft, a euphoria that led to bankruptcy about 10 years ago.
This was a Japan-based exchange.
Specifically, they lost over 700,000 Bitcoin coins and now the trustee is ready to return about 140,000 of them to the market.
What you see behind me is just one day’s price movement.
Lots of darkness on the screen.
Bitcoin down 4%. Ethereum down 6%.
Here’s what happened.
Over the last four days, Bitcoin is down 12.78% and I showed this year’s chart saying that everything between these two lines is down.
This was a channel of price consolidation.
Just a lateral movement.
Now that we’ve broken things down below, it doesn’t matter anymore.
Well, that matters.
As you may know, we even dropped below the support level once.
It was a false failure.
Is this another false fault?
Judging by how far that price has come, it doesn’t look that way at the moment, but I guess it’s a possibility.
To have a concrete confirmation we only need the price trend of another day, so we will talk about it over the weekend.
But what does this mean for the rest of the cryptocurrency industry?
The rest of the cryptocurrency universe?
Often, in this case, it is Bitcoin that takes the lead.
So we are also seeing Ethereum hitting the bottom of its support range.
But you’ll notice that he hasn’t violated it yet.
In a way, this supports the idea that if Bitcoin were to recover very quickly, you could say, “Okay, this is another false crash.”
But again, this is not my base case.
The story continues
Before I go, I’d like to take a look at this morning’s crypto stocks.
Now I will post some of the first quotes and you will see many bearish signals.
Hot negotiation.
Down 7.5%, Master Strategy Down 7%.
So there are a lot of negative vibes in the cryptocurrency world today.
Well, at least we have Jared Blier’s positivity.
Always Jared.
A thousand thanks.
Appreciate it.