Analyst: Mt. Gox Sell-Off Causes Short-Term Volatility in Market, Market as a Whole Can Easily Absorb These Bitcoins

Market makers and investors in bitcoin remain cautiously optimistic despite some market panic sparked by the bitcoin sell-off at Mt. Gox.The Mt. Gox bankruptcy administrator is close to completing compensation for creditors, which is not expected to lead to a massive bitcoin sell-off. Analysts predict that creditors may sell only about 6,500 BTC, far less than the market initially feared. The market has shown its resilience by bouncing back quickly after the initial panic. Most creditors have experienced a decade-long holding period and are in no hurry to liquidate immediately. In addition, significant capital gains taxes have led many creditors to favor holding over selling. Experts believe that the overall market can easily absorb these bitcoins, although there may be some volatility in the short term. Overall, the impact of the Mt. Gox event on the bitcoin market is considered limited.