Markets
Cryptocurrency Market Under Pressure Due to Bitcoin Drop, Mt. Gox Says
The cryptocurrency market is under pressure as Bitcoin (BTC-USD) prices are falling Following Mt. Gox’s Launch of Customer RefundsThis development has raised concerns about a potential bitcoin correction or a general sale.
Major cryptocurrency exchanges, including industry leader Coinbase Global (PIECE OF MONEY), see their share prices fall in reaction to the news.
Co-organizers of Market Domination Jared Blikre And Josh Lipton Dive into the details.
For more expert insights and the latest market action, click here here to watch this full episode of Market Domination.
This post was written by Angel Smith
Video Transcript
We’re also watching cryptocurrencies this afternoon.
Bitcoin plummets after Mount Gox stock market crash. Exchange begins paying back nearly $9 billion in Bitcoin and Bitcoin Cash.
It has owed money to its customers since its bankruptcy in 2014.
Today, cryptocurrency exchanges like Coinbase are making headlines and a simple question might be: why is this happening?
Why is Bitcoin’s value falling?
Well, you have 140,000 Bitcoins in Japan when they start distributing them to customers.
A lot of customers will say, “Well, I want to convert this to cash.”
So they sell Bitcoins and then they buy US dollars or whatever their local currency is.
So that’s what creates potential pressure, but it doesn’t have to happen separately in Germany.
I think there’s a trustee out there who’s going to hand out something like 50,000 Bitcoins, that’s a lot of money.
So, you know, another couple billion dollars in there.
So this tends to weigh on the price.
And I think, you know, the technical aspects of Bitcoin don’t look very good very quickly on Wi-Fi Interactive.
I like to draw this at least once a day.
Here we go.
This is the price action of the year and we are now below it.
We have fallen below this before, but we quickly recovered.
It doesn’t seem like it’s happening today, but wait another day.
So, and then you said, well, what’s the casting to get this one moving in the right direction again with a Dovish Fed, do it and cut or two.
You know, I think a dovish Fed is historically positive for Bitcoin.
So that might have something to do with it.
Um, you know, is Bitcoin leading inflation?
I don’t think we have enough time for this discussion.
Actually, we don’t have enough time for this discussion.
We’ll make room, we’ll make room, they’ll be on the podcast too.
Yeah.
Well, we have takeaway too.
SO.