Bitbank analyst: It is expected that the Mt. Gox compensation will have a minimal impact on the market, as its effects have been overly digested by the market

ChainCatcher news, according to CoinDesk, the cryptocurrency exchange Bitbank, which supports the compensation work for Mt.Gox, stated that the impact of changes in Mt.Gox's wallet balance on the market is expected to be small.

Bitbank's cryptocurrency market analyst Yuya Hasegawa said, "When Mt.Gox's trustee officially announced that they had started repayments, Bitcoin was fluctuating around $54,000. After the news was released, the price of Bitcoin rebounded and briefly rose to $58,000 over the weekend."

Before Mt.Gox began compensation, the market had already over-digested its impact, and then reacted to the (U.S.) employment report released last Friday, which was published after Mt.Gox started repayments, Hasegawa added, "This indicates that the market's concerns about Mt.Gox repayments are beginning to weaken, and their focus is shifting back to the Federal Reserve's policy decisions."