Bitcoin, Ethereum, Dogecoin Struggle As Mt Gox Repayments Begin: Crypto Analyst Says BTC ‘Could Drop To $47,000 From Here’

The
global
cryptocurrency
markets
are
trading
lower,
Friday,
amid
Mt
Gox
repayments,
Germany
transferring
Bitcoin
and
a
spike
in
short
liquidations.

Notable
Statistics:

• IntoTheBlock
  data
  noted
  Bitcoin
  reflecting
  strength
  in
  key
  metrics,
  with
  14.8%
  growth
  in
  large
  transaction
  volumes
  and
  a
  259.7%
  surge
  in
  exchange
  netflows.
  Transactions
  greater
  than
  $100,000
  also
  increased
  in
  a
  single
  day.
• Coinglass
  data
  pointed
  to
  short
  liquidations
  at
  their
  highest
  level
  ($132
  million)
  since
  May
  20.
  In
  the
  past
  24
  hours,
  206,505
  traders
  were
  liquidated,
  the
  total
  crypto
  liquidations
  stood
  at
  $582.02
  million.
• Whale
  Alert
  data
  indicated
  that
  a
  dormant
  address
  that
  has
  20
  BTC,
  worth
  $1.1
  million,
  just
  got
  activated
  after
  11.1
  years.

Notable
Developments:

Mt.
Gox
Begins
Repaying
Creditors
After
Decade-Long
Wait

Crypto
Billionaire
Justin
Sun
Offers
To
Buy
Bitcoin
Off-Market
From
German
Government
To
Minimize
Price
Impact,
Lawmaker
Slams
Authorities
For
Selling

Bitcoin
Bull
Mike
Novogratz
Brings
Up
Reagan
Amid
Question
Mark
Hanging
Over
Biden’s
Candidacy:
‘Power
Is
A
Strange
Drug’

Amid
Bitcoin
Crash,
Peter
Schiff
Forecasts
Prolonged
Bear
Market:
‘Don’t
Say
I
Didn’t
Warn
You
HODLers’

Top
Losers:

Cryptoquant
founder
&
CEO

Ki
Young
Ju
says
the
government-seized
Bitcoin
being
sold
is
overestimated
and
suggests
not
letting
this
ruin
trades.

In
another
tweet,

Young
Ju
predicted
that
the
bull
cycle
will
continue
early
next
year.
He
added,
“For
those
trading
in
spot,
it
would
be
wise
to
DCA
while
keeping
in
mind
that
it
could
drop
to
$47,000
from
here.”

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Next:

Photo:
Shutterstock