Presto Labs: Go Long BTC and Short BCH Positions During Repayment Mt. Gox

Bittime - Presto Labs, a trading company based in Singapore, provides recommendations for taking a long position on Bitcoin (BTC) and short on Bitcoin Cash (BCH). What is the reason for this recommendation? Read this article to find out!

Bankruptcy Mt. Gox

Mt. Gox, once the world's largest crypto exchange, suffered a major hack in 2014 that resulted in the loss of hundreds of thousands of BTC. 

After years of legal proceedings, affected creditors began receiving compensation in the form of BTC and BCH. 

Total compensation of more than $73 million in BCH and $9 billion in BTC will be distributed to the market in the period between July 1 and October 31, 2024.

Presto Labs: Long BTC dan Short BCH

Presto Labs, through their market analysts led by Peter Chung, suggests a market neutral trading strategy. This strategy involves going long on BTC and short on BCH. 

Presto Labs argues that this will allow investors to take advantage of the differences in supply and demand dynamics resulting from Mt payments. Gox.

According to Presto Labs, selling pressure on BCH will be 4 times greater than on BTC. Data shows that BTC's trading volume in the last 24 hours reached more than $27 billion, while BCH only reached $180 million. Thus, going long on BTC and short on BCH is considered the most efficient way to take advantage of this opportunity.

Impact on Crypto Markets

Compensation payments by Mt. Gox is expected to have a significant impact on the crypto market. A surge in BTC and BCH supply can cause sharp price fluctuations. Investors and traders around the world will be monitoring these developments closely to adjust their trading strategies accordingly.

Presto Labs also emphasizes the importance of a deep understanding of market dynamics and technical analysis in situations like this. They advise investors to be careful and conduct thorough analysis before making any trading decisions.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.