Bitcoin to Face Huge Selling Pressure in September

Bitcoin could face additional selling pressure into September as both Mt. Gox and the United States government potentially introduce nearly $15 billion worth of Bitcoin into the market. Currently, the U.S. government holds over 203,000 Bitcoin valued at approximately $12.1 billion. Meanwhile, the defunct crypto exchange Mt. Gox is poised to distribute another 46,000 Bitcoin, valued at over $2.7 billion. Despite the large sums involved, a recent report by crypto analytics provider Kaiko, dated Aug. 29, suggests that the market might absorb these distributions without significant disruption. The report states: “Kraken has handled BTC ETF flows with just a minor