If you’ve been watching the Bitcoin price charts, you probably noticed the spike. Bitcoin recently climbed back above $62,200, rising nearly 3% in just 24 hours after dipping under $59,000. So, what gives?
It’s all about supply and demand, my friends. Mt. Gox started to repay creditors. With billions of dollars in Bitcoin being distributed, there was concern that recipients would immediately cash out, flooding the market with more BTC. This massive sell-off would likely have driven prices down.
But now, with the repayments pushed back, sell pressure has been postponed for another year. Investors are breathing a sigh of relief, knowing that those billions in Bitcoin won’t hit the market just yet. And as a result, Bitcoin prices are ticking upward, driven by the idea that the delayed repayments mean a delayed market dip.
It’s a perfect example of how perception drives the crypto market. Traders are interpreting the delay as a bullish signal because it reduces the immediate threat of oversupply, and for now, they seem more than happy to push the price higher.(https://ebbow.com/mt-gox-bitcoin-rising/)
