Mount Gox Moves Billions in Bitcoin

Last updated: May 29, 2024 01:05 EDT | 2 minutes of reading

Mt. Gox Moves Billions in Bitcoin – The Best Altcoins to Buy Now if Crypto Prices Crash / Source: Cryptonews

Long-defunct Bitcoin exchange Mt Gox moved billions of Bitcoin (BTC) this week, sending shivers through the market that a sudden increase in selling pressure could be around the corner .

BTC last changed hands in the $68,000s, after falling over $70,000 on Monday.

Mt Gox was the first major Bitcoin exchange, but went bankrupt in 2014 following a major hack.

Fallen exchange owes 142,000 BTC to creditors (worth over $9 billion)which must be paid before October 31, 2024.

Does it matter if Mt Gox moves billions in Bitcoin?

But some commentators have downplayed the risk of these tokens being dumped on the market.

User Spoonman of X, who claims to be a creditor of Mt Gox, expects 80% of the credits to hold their BTC.

Analyst James Van Straten, meanwhile, noted that the market absorbed 1 million BTC of selling pressure in five months.

340,000 of that came from the GBTC ETF. Another 660,000 came from long-term holders. Mt Gox will only represent a little more than 10% of that amount, and not all creditors will sell immediately.

The price drop from moving billions of dollars from Mt Gox into Bitcoin could be a great opportunity to buy the dip.

But with Bitcoin currently trading near its all-time high of nearly $74,000 earlier this year, BTC’s risk-reward ratio might not be so good right now.

Here are some different cryptos that could be the best altcoins to buy now if cryptocurrency prices collapse.

Pepe (PEPE)

Trading just below its all-time highs, it was printed earlier this week just above $0.000017, Pepe (PEPE) has bullish momentum.

The Ethereum-based meme coin outperformed bets for a new Ethereum meme coin season after ETF approval.

Its market cap of $6.8 billion suggests it has plenty of room to grow, with Dogecoin valued at $24.5 billion.

Buying PEPE could be one of the best ways to express the growth bet of the Ethereum ecosystem.

Dogecoin (DOGE)

Speaking of Dogecoin (DOGE)the meme coin pillar is trending upward.

Last at $0.17, it sees a recovery towards its 2024 highs above $0.22.

Dogecoin bulls are betting on the coin reaching $1 this cycle. So this could mean that DOGE still has gains of almost 6x in the bank.

PlayDoge (PLAY)

Rather than purchasing established meme coin names, some traders may prefer to jump into a token right from the presale.

Although riskier than purchasing established tokens, meme coin presales can lead to much larger gains.

A new coin that Cryptonews.com analysts believe has a lot of potential is PlayDoge (PLAY).

The meme coin is packed with play-to-earn (P2E) utilities and powers a fun mobile game.

The presale has already raised nearly $250,000, even though it has only just been launched.

Priced at just $0.005, PLAY launches with a modest market cap of less than $50 million.

Depending on how its game gains traction, PLAY could be one of the best coin-op games of this cycle.

Sealana (SEAL)

A fun Solana (SOL) coin that will soon be launched and called Sealana (SEAL) is another presale with big potential.

The adorable, overweight South Park-themed cartoon character Seal has captured the imagination of coin investors, raising more than $3 million in funds.

Find out why popular pre-sales analyst and YouTuber ClayBro thinks SEAL has at least 10x potential.

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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