Mt. Gox moves billions into Bitcoin

Last Updated: May 29, 2024 1:05am EDT | 2 minute read

Mt. Gox Moves Billions Into Bitcoin: Best Altcoins To Buy Now If Cryptocurrency Prices Collapse / Source: Cryptonews

Long-defunct Bitcoin exchange Mt Gox moved billions into Bitcoin (BTC) this week, raising market fears that a sudden increase in selling pressure could be around the corner.

BTC last changed hands at $68,000, after falling from over $70,000 on Monday.

Mt Gox was the first major Bitcoin exchange, but it failed in 2014 following a major cyber attack.

The fallen exchange owes its creditors 142,000 BTC (worth over $9 billion)which must be paid by 31 October 2024.

Does it even matter if Mt Gox moves billions into Bitcoin?

But some commentators have downplayed the risk of these tokens coming to market.

User X’s Spoonman, who claims to be a creditor of Mt Gox, expects 80% of the credits to contain his BTC.

Analyst James Van Straten, meanwhile, noted that the market has absorbed 1 million BTC of selling pressure in five months.

Of these, 340,000 came from the GBTC ETF. Another 660,000 came from long-term holders. Mt Gox will only account for just over 10% of this figure and not all lenders will sell immediately.

The price drop related to Mt Gox moving billions into Bitcoin could be a great opportunity to buy on the dip.

But with Bitcoin currently trading not far below its record highs of nearly $74,000 earlier this year, BTC’s risk-reward ratio may not be so good right now.

Here are some different cryptocurrencies that could be best altcoins to buy now if cryptocurrency prices collapse.

Pepper (PEPPER)

Trading just below all-time highs, printed earlier this week just above $0.000017, Pepper (PEPPER) has bullish momentum.

Ethereum-based meme coin outperformed on new Ethereum meme coin season bets following ETF approval.

Its market capitalization of $6.8 billion suggests it has plenty of room for appreciation, with Dogecoin valued at $24.5 billion.

Buying PEPE could be one of the best ways to express your bet on the growth of the Ethereum ecosystem.

Dogecoin (DOGE)

Talking about Dogecoin (DOGE)the meme coin supporter has an upward trend.

Last at $0.17, expected recovery to 2024 highs above $0.22.

Dogecoin bulls are banking on the meme coin reaching $1 this cycle. This could mean DOGE still has nearly 6x earnings in the bank.

PlayDoge (PLAY)

Rather than purchasing established meme coin names, some traders may prefer to purchase a token upfront at the time of pre-sale.

While riskier than buying established tokens, meme coin presales can lead to much larger gains.

A new meme coin that Cryptonews.com analysts believe has a lot of potential is PlayDoge (PLAY).

Meme Coin is packed with play-to-earn (P2E) features and powers a fun mobile-based game.

The pre-sale has already raised nearly $250,000, despite having just launched.

Priced at just $0.005, PLAY launches with a modest market cap of less than $50 million.

Depending on how its game gains popularity, PLAY could be one of the best meme coin games this cycle.

Sealana (SEAL)

A funny upcoming Solana (SOL) meme coin called Sealana (SEAL) It’s another pre-sale with great potential.

The lovable, overweight South Park-themed cartoon character Seal has captured the imagination of meme coin investors, raising more than $3 million in funding.

Find out why popular presale analyst and YouTuber ClayBro believes SEAL has at least 10x more potential.

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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