Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Coinpedia Fintech News on March 09, 2023, 12:19:08 PM
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The world's largest cryptocurrency, Bitcoin, has been on a constant decline as the digital asset market faces heavy turbulence. Crypto investors have been hesitant to indulge in the trade due to future events, such as the Mt Gox Bitcoin payout, which has been hounding the crypto market.
The Mt Gox creditors were set to receive almost 138K Bitcoins as an "early repayment" scheduled on March 10. The total worth of the Bitcoins to be distributed among the creditors was calculated to be around $3 billion. However, according to reports, the probable black swan event has been delayed for now. The rehabilitation letter issued by Mt Gox stated that the trustee has decided to change the deadline for the payout to April 6, 2023. It mentioned that the court has granted the trustees the ability to postpone the repayment deadline.
The new order will allow the trustee to repay creditors between April 6 to October 30, 2023, instead of the previous lump sum repayment deadline and intermediate repayment deadline, scheduled to be from October 31 to September end. Meanwhile, Bitcoin's price has dropped by more than 7% in the last seven days due to speculation regarding the Mt Gox Bitcoin release. As per speculations, the Mt Gox payout would have triggered a massive sell-off in the crypto market. Bitcoin is trading at an average price of $21,650 at the time of writing.
Bitcoin's 24-hour trading volume has declined by 10% to stand at $21.77 billion, and the global crypto market cap has again lost its vital $1 trillion mark, dropping by 1.5% over the past day. While the 24-hour trading volume has dropped by 6% to stand at $44 billion, BTC has registered a liquidation of around $25 million in the last 24 hours.
On the other hand, Shiba Inu's SHIB maintains a positive trade, with a 1.9% increase, thanks to the upcoming Shibarium launch. Despite other major currencies facing a pullback, SHIB has been able to maintain this positive trade. The Shibarium launch is expected to happen on March 11, and if it performs as expected, Shiba Inu's price might claim its next bull run above $0.000013. However, the currency's 30-day moving average is showing a gradual decline and might drop below its 200-day average in the next seven days. It is expected to reverse its move and start an upward trend after the Shibarium launch.
As with any new development in the crypto market, there have been warnings against increased scams in connection with Shibarium. The network's developers and admins have taken to social media platforms to urge caution and advise community members to wait for official accounts to release further information. This warning comes after various Shibarium beta or scan links were discovered, with some community members even losing their holdings as a result.
Overall, the crypto market remains uncertain, with events such as the Mt Gox Bitcoin payout postponement and Shibarium launch stirring up investor caution. It is essential to stay vigilant and do thorough research before investing in any cryptocurrency.
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Traders and investors are also cautious because of the US Federal Reserve. The recent uncertainty in the market was caused by Jerome Powell’s testimony, as well.
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True! Traders are being very cautious, especially given the news that 138K bitcoin was going to be received as an early repayment, coupled with Jerome Powell's interest rate hikes, which has had a tremendous impact on investors. This fear is leading investors to sell off their assets.