Presto Labs Research Director: Mt.Gox compensation brought four times the selling pressure on BCH than BTC

Presto Labs' head of research said that Mt.Gox selling pressure will pull down Bitcoin prices is unfounded, but it may be a bearish factor for Bitcoin Cash (BCH). In addition to returning about $9.5 billion worth of Bitcoin to customers, Mt.Gox will also return 143,000 BCH, worth about $73 million. CoinGecko data shows that BCH's daily trading volume is $308.8 million. "Our analysis shows that BCH's selling pressure will be four times that of BTC: Mt.Gox's compensation amount accounts for 24% of BCH's daily trading volume and 6% of BTC's daily trading volume," Peter Chung of Presto Labs wrote in a report. He pointed out that BCH's daily trading volume is 1/50 of BTC. Chung said in an interview that limited sales of Bitcoin are expected because anyone who wants to exit can sell their claims on the bankruptcy claims market. In the early days of FTX's bankruptcy, many traders who were not optimistic about the quick redemption of bankruptcy had already done so. (CoinDesk)