Binance’s CZ Rubbishes Rumors Over Mt Gox Bitcoin Impact

Anvesh Reddy
July 11, 2022 Updated July 12, 2022
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After Mt. Gox Trustee’s announcement last week that they would repay its creditors, there was speculation around Bitcoin crash. There was widespread fear in the crypto community that the returns would bring Bitcoin price down in a freefall. However, there is an opposing argument that long term Bitcoin holders would not choose to sell their assets.

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FUD Over Mt Gox Bitcoin Release

In February 2014, Mt Gox, then one of the largest cryptocurrency exchanges, suspended all trading on the platform. With its latest update of access to 141,686 Bitcoin, the crypto community is skeptical about the timing of the returns. Healthy pockets, a crypto influencer, said the recent sale of Bitcoin by miners had already dealt a blow to Bitcoin price.

“In recent times, the sale by miners of just over 10,000 BTC has already affected the price of Bitcoin. An almost followed sale of 150K BTC could have serious consequences for the price of Bitcoin.”

Also, speculation around the potential Bitcoin crash is creating FUD among small scale crypto investors. When Binance CEO CZ was asked whether there could be a Bitcoin price drop due to the Mt Gox release, he said there won’t be any crash. A crypto enthusiast asked CZ whether the Mt Gox issue is something to be worried about or just another FUD. He rubbished the entire episode saying the speculation is akin to new joiner mentality.

“Just ask yourself, if you got into crypto and had BTC from 2014, will you be in a hurry to sell now? New joiners vs OG mentality.”

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‘No Need To Over Panic About Mt Gox Bitcoin’

Meanwhile, several people from the crypto community are vouching for not having FUD over the Bitcoin release. Joseph Young, a venture capitalist, said there is no need to over panic about the Mt Gox Bitcoin issue.

“Lots of talks on $3 billion worth of bitcoin hitting the crypto market. You should not over-panic about Mt Gox and the massive BTC that may pour into the market.”

As of writing, Bitcoin is trading at $19,627, down 0.44% in the last 24 hours, according to CoinMarketCap. On a weekly basis, BTC is down by 4.21%.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.