According to a report by Kaiko, one of the main sources of concern for Bitcoin investors, which is reflected in the price of the first cryptocurrency, is the upcoming reimbursement of funds to MtGox creditors. In the near future, the bankrupt platform will have to distribute more than 46,000 BTC for a total of over $2 billion.
Experts have concluded that despite the fact that many BTC holders decided to keep their assets, the first phase of MtGox compensation in the amount of about 100,000 bitcoins was accompanied by a surge in sales of the first cryptocurrency and led to a decrease in its market value.
The politically motivated liquidation of institutional BTC holders’ portfolios has an equally strong impact on the Bitcoin market. For example, the US and German governments are actively selling off their accumulated Bitcoin reserves.
Another indicator that, according to Kaiko analysts, should be taken into account when assessing the current and future stability of the Bitcoin market is the ratio of supply to available liquidity. Experts note that the supply of BTC currently significantly exceeds the current liquidity, which negatively affects the market value of the asset.
Earlier, crypto experts interviewed by Quartz agreed that Bitcoin investors should not expect the first cryptocurrency to rise to $100,000 in 2024.
Source: Bits
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