“Elephant In The Room” What Does It Actually Means For Bitcoin (BTC)

An elephant in the room is a phrase which i stumbled upon in the early hours of today, was the height of Nicholas video session today has he said that this might trigger a massive sell off in the bitcoin space. That is when there are activities such as this, there is every possibility that there might be a decline in the bitcoin selling price.

source

The data dash host says that the sell pressure which is mounting on Mt. Gox might cause another leg down for primary digital asset bitcoin by it’s market price.
In he’s words he continued by saying that;

“There is a question we need to ask, as to whether or not the Mt. Gox trust is going to [cause the price of BTC to dip], or more specifically, what’s more relevant is whether or not the long-awaited unloading of this Bitcoin back to its original holders is going to happen due to pressure from those holders to be able to finally get access to that Bitcoin.

The second question is whether or not the sell-off from that is going to be the bottom, because as we saw during that last bull market, the [Mt. Gox’s BTC] holdings not even dropped in half. It dropped from around 200,000 to 137,000 [BTC]. If we see this kind of sell pressure or in this case unloading of Bitcoin into the supply in the open market, what is that going to mean for price?”

Well for me personally I am really not expecting much from the primary digital asset has it might possibly not print a new all time high any time soon.

If you see this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Over here we refer to users as lions, so are you ready to be a lion here is my referral link

Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.

Let’s also connect on some of the web2 platform.
Twitter:Hironakamura

Posted Using LeoFinance ^Beta