🗞 Friday Crypto Update: Mt. Gox, Miner Moves & More!
👋 Hello, finance enthusiasts and fellow investors!
Here's a quick Friday update to keep you informed. This week has been intense, especially the last few hours. So, is now the best time to sell or should you hold on?
What Happened?
The payouts from Mt. Gox have officially started, marking a new Bitcoin low at $53,300. After over 10 years, repayments have begun!
Side fact: Also for the creditors in the Envion AG case (a $100M fraud case from 2018), there are updates for the first time. There's a preliminary 15% repayment! As a creditor of this Swiss company, it seems that I will receive a little something. But if I had held onto my BTC back then, I'd be a bit richer now 😆 You live and learn!
In addition to Mt. Gox, we're also witnessing a massive miner capitulation happening simultaneously. This could explain the recent Bitcoin price action. The Mt. Gox coins have been on the move, likely causing everyone to try to front-run this impending sell-off. Take a look at this chart:
The information provided in this newsletter is for educational and informational purposes only and should not be considered as financial advice.
What Am I Doing?
I'm not selling; in my opinion, now is not the right time. On the contrary, I've mentioned before that I'm looking to buy more, especially if we reach the reason box (InvestmentExplorer Pro members know where it is). I will be buying then.
Don't let this shake you up.
Here’s a comforting chart for you:
Enjoy your weekend and happy investing!
Cheers!
Stefan
Co-Founder of CryptoExplorer & InvestmentExplorer