Disbursements of bitcoin and bitcoin cash to former prospects of the Mt. Gox bitcoin trade began final week. Some observers imagine the provision is weighing on costs
Bitcoin (BTC) hovered above $56,000 Monday afternoon, slipping amid movements of funds on the blockchain by addresses connected to failed bitcoin exchange Mt. Gox.
Disbursements of bitcoin and bitcoin cash to former users of the exchange began last week. Some observers believe the distribution is putting pressure on prices, while others say the long-anticipated event is already factored into the market. Peter Chung, head of analysis at Presto Labs, said bitcoin cash is more likely to be affected.
Some traders, meanwhile, are unnerved by Germany’s sale of bitcoin that was initially seized by the German Federal Prison Police Office from piracy website Movie2k.to. According to Arkham Intelligence, Germany still holds 26,318 BTC, valued at $1.4 billion, but has moved more than half of the nearly 50,000 bitcoin it had seized out of its Bitcoin address. After slowly sending out bitcoin beginning in June, the German authority also sent a large sum of bitcoin to exchanges on Monday.
Bitcoin was last down more than 1% over the past 24 hours, according to CoinDesk.
Selling pressure from Mt. Gox users and the German authority may be seen as a buying opportunity, according to digital asset manager CoinShares, which said global digital asset investment products saw $441 million of inflows last week.
Ether (ETH) is also seeing a possible liquidation by a large holder in the form of Ethereum-based decentralized application Golem, which raised more than 800,000 ether in an initial coin offering in 2016. According to Arkham Intelligence, Golem has already sent more than $100 million worth of ether to exchanges over the past 30 days, and the project still has roughly $388 million worth of ether at its disposal.
Both recently traded near $3,000, up less than 1% over the past 24 hours.
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