Crypto Markets Under Pressure as $2B Worth of Altcoin Token Unlocks and $11B Bitcoin Distribution Loom
Summary
Cryptocurrencies are in a corrective phase, facing a wave of supply events worth billions of dollars, potentially delaying recovery. Token unlocks could increase altcoin supply, with upcoming releases of various tokens totaling over $2 billion. Bitcoin worth over $11 billion will be distributed to creditors of Gemini's Earn program and Mt. Gox. Analysts warn of potential FUD due to these events. However, pending court approval, $14-$16 billion in USD could be paid to creditors, injecting $3-$5 billion back into the crypto market. As a result, the CoinDesk 20 Index was down 3.4% in the past 24 hours, with bitcoin at $61,500 and ether down 3.6%.
