Cryptocurrency market under pressure amid Bitcoin, Mt. Gox slump

The cryptocurrency market is under pressure as bitcoin (BTC-USD) prices fall after Mt. Gox begins refunding customers. This development has raised concerns about a possible bitcoin correction or general liquidation.

Major cryptocurrency exchanges, including industry leader Coinbase Global (COIN), are seeing their stock prices fall in response to the news.

Market Domination Co-Hosts Jared Blikre It is 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 crashes after exchange collapses Mount Gox is reportedly starting to pay back nearly $9 billion in Bitcoin and Bitcoin Cash.

She owes customers since her bankruptcy in 2014.

Now, cryptocurrency exchanges like Coinbase are falling into the news and a simple question can be: why is this happening?

Why is the value of Bitcoin falling?

Well, you have 140,000 Bitcoins here in Japan when they start distributing them to customers.

A lot of clients will say, “Well, I want to convert this into cash.”

So they sell the Bitcoin and then buy the US Dollar or whatever their local currency is.

So that’s what puts potential pressure, but it doesn’t have to be done separately in Germany.

I think there’s an administrator there who’s going to give out something like 50,000 Bitcoins, that’s a lot of money.

So, you know, another couple billion dollars there.

So this tends to weigh on the price.

And I think, you know, the technical aspects of Bitcoin are not looking very good 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 now we are down.

We’ve fallen below that before, but we’ve recovered quickly.

It looks like it won’t happen today, but wait another day.

So, and then you said, well, what, what’s the cast to get this moving in the right direction again with a Dovish fueled, do that and cut or two.

You know, I think a Dovish Fed is actually historically positive for Bitcoin.

So that might have something to do with it.

Um, you know, Bitcoin is the inflation advantage?

I don’t think we have enough time for this discussion.

We really don’t have enough time for that discussion.

We’ll make room, we’ll make room, they’ll be on the podcast too.

Yes.

Well, we also have things to take.

Then.

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