Analyst: Bitcoin Can Withstand Any Negative Impact From Mt. Gox Sell-Off

In an interview with The Block, Bitget Research analyst Ryan Lee said that Mt. Gox's earlier announcement that it plans to distribute bitcoin and bitcoin cash reimbursements starting in July and the subsequent drop in the bitcoin price was a classic "sell the news" scenario. The analyst added that the bitcoin price is resilient despite the proposed $9 billion repayment, saying: "In the macro environment, the Fed's Net Liquidity Index has surpassed $6.5 trillion, releasing $400 billion of liquidity into the market, the highest level in 24 months. Coupled with a possible interest rate cut, Bitcoin has the advantage and potential to withstand any negative impact from the Mt. Gox sell-off".