tl;dr
Defunct crypto exchange Mt. Gox is preparing to move the remaining 80,128 BTC, valued at $5.35 billion, following recent transfers to creditors on Kraken and Bitstamp. Test transfers indicate the upcoming move. While creditors initially faced withdrawal issues, the process is largely resolved. This ...
Defunct crypto exchange Mt. Gox is preparing to move the remaining 80,128 BTC, valued at $5.35 billion, following recent transfers to creditors on Kraken and Bitstamp. Test transfers indicate the upcoming move. While creditors initially faced withdrawal issues, the process is largely resolved. This distribution marks the long-awaited conclusion to Mt. Gox's creditor settlement, providing psychological relief to the crypto industry.
However, Bitcoin's price faced rejection at $70,000, leading to selling pressure and a decline to under $66,500. The US government's movement of 29,800 BTC from Silk Road and discussions at the upcoming US Fed meeting contribute to this pressure. Nevertheless, analysts predict a potential rebound to $68,000 if BTC holds at $65,800.
After sending nearly 50K Bitcoins in the past two weeks to creditors on Kraken and Bitstamp, defunct crypto exchange Mt. Gox is now planning to move the rest of 80.5K BTC. The development comes at a time when the Bitcoin price faces strong rejection at $70,000 resistance.
As per the data on Arkham Intelligence, a Mt. Gox address (12Rgp) transferred 0.02 BTC worth $1,350 to another address beginning with 1Adb. Similarly, the same address also transferred 0.0001 BTC to the address starting with bc1q. This suggests that Mt. Gox is conducting test transfers before moving the rest of the 80,128 BTC, valued at $5.35 billion, that it currently holds.
As said, Mt. Gox has already moved the first tranche of Bitcoins to creditors on Kraken and Bitstamp in the past two weeks. Creditors faced some withdrawal issues on the exchanges last week, however, they remain largely solved as of now. After almost a decade of waiting since the exchange went defunct, Mt. Gox is willing to finish of the process with creditor distribution. The current distribution could be the final chapter of the major overhang on the crypto industry for almost a decade thereby giving the industry kind of a psychological relief.
On the other hand, the Mt. Gox creditors are also showing a willingness to hold their BTC with diamond hands. Despite volatility, the Bitcoin price has managed to absorb a large part of the selling pressure effectively. But on late Monday, BTC once again came under the selling pressure after facing rejection at $70,000.
As of press time, the Bitcoin price is down by over 4% slipping under $66,500 levels. After breaking above $70,000, popular market analysts like PlanB predicted that the BTC price rally could extend to $150K by the year-end. Another reason behind the Bitcoin selling pressure is the US government moving a total of 29,800 BTC from Silk Road. The development comes a day after President Donald pitched to make Bitcoin a strategic US reserve. Going ahead into this week, we have the US Fed meeting where Chairman Jerome Powell will address the issue of inflation and the central bank’s plans for rate cuts.
On the technical chart, as long as BTC holds $65,800, the downside looks limited from here with analysts predicting a quick bounce to $68,000.
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After conducting a thorough technical analysis, it is evident that the stock is currently trading near a significant support level, indicating a potential buying opportunity for investors.
The Relative Strength Index (RSI) is showing a bullish divergence, suggesting a possible reversal in the stock's recent downtrend.
Furthermore, the moving average convergence divergence (MACD) indicator has crossed above the signal line, signaling a potential shift towards a bullish trend.
However, it is essential to note that the stock is approaching a key resistance level, which may act as a barrier to further upside movement.
Considering these factors, investors should closely monitor the stock's price action around the current support level and resistance level to gauge the strength of the potential buying opportunity.
More about JD.com Inc Adr
Company: JD.com Inc Adr
Description: JD.com, Inc. is an e-commerce company and retail infrastructure service provider in the People's Republic of China. The company is headquartered in Beijing, China.
Sector: TRADE & SERVICES, RETAIL-RETAIL STORES, NEC
Stock Data:
- Market Cap: 404.30B
- P/E Ratio: 12.12
- EPS: 5.39
- Beta: 2.18
- 52-Week High: 701.52
- 52-Week Low: 0.0227
- Shares Outstanding: 1.101755056B
- Public Float: 41.67%
- Short Interest: 0.154%
- Short Ratio: 0.07