tl;dr

The recent Bitcoin transfers from the defunct crypto exchange Mt. Gox have raised concerns about potential selling pressure on Bitcoin. However, Cryptoquant's founder, Ki Young Ju, explained that these transactions may not affect the market due to possible internal transfers, over-the-counter deals,...

The recent Bitcoin transfers from the defunct crypto exchange Mt. Gox have sparked concerns about potential selling pressure on Bitcoin. However, Cryptoquant's founder, Ki Young Ju, explained that these transactions may not affect the market due to possible internal transfers, over-the-counter deals, and the use of brokerage services. Despite the transfer of 1,500 BTC to Bitbank, there was no significant surge in trading volume, indicating minimal market impact.

Meanwhile, the German government's ongoing offloading of Bitcoin holdings is also a point of concern, despite Ki Young Ju's analysis. As of now, Bitcoin is trading at around $57,500, up over 3% in the last 24 hours.

In an X (formerly Twitter) post, Ki Young Ju outlined three possible scenarios for Mt. Gox’s Bitcoin transactions, explaining why they may not affect its price. He suggested that these transactions might have been internal transfers for security reasons, over-the-counter deals designed not to affect market price, or conducted through a brokerage service without passing through brokers’ wallets or exchanges.

Despite these reassurances, the German government's ongoing offloading of Bitcoin holdings raises concerns, as recent on-chain data revealed transfers to various crypto exchanges. At the time of writing, Bitcoin is trading at around $57,500, up over 3% in the last 24 hours, according to data from CoinMarketCap.

It's clear that while Ki Young Ju's analysis suggests Mt. Gox’s transactions may not impact the market, the activities of the German government in offloading Bitcoin holdings warrant close attention, especially considering their substantial remaining holdings.

More about Emeren Group Ltd

Emeren Group Ltd, ReneSola Ltd, develops, builds, operates and sells solar energy projects. The company is headquartered in Stamford, Connecticut.


Industry: MANUFACTURING

Sector: SEMICONDUCTORS & RELATED DEVICES

Employees: 87641000

Market Cap: None

Dividend Yield: None

EPS: -0.16

P/E Ratio: 1.918

ROE: -0.127

Volume: 106582000

50-Day Moving Average: 4.88

200-Day Moving Average: 3.42

RSI: 0.148

More about United States Steel Corporation
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United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.

Industry: MANUFACTURING, STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)

Stock Symbol: 8721931000

Current Price: 11.21

Price Change: 0.2

Change Percentage: 3.46%

Market Cap: 79.23 billion

Earnings per Share (EPS): 0.0489

Revenue: 17.743 billion

Price to Earnings (P/E) Ratio: 38.25

Dividend Yield: -0.129%

Dividend per Share: -0.069

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Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 14 Nov 24
 14 Nov 24
 14 Nov 24