íŕçâŕíčĺ

Was Mt. Gox the Major Factor Behind Bitcoin’s $1,000 Drop

Was Mt. Gox the Major Factor Behind Bitcoin’s $1,000 Drop

More frustrating news out of Japan. Just a day after FSA regulators stymied exchanges the ghost of Mt. Gox appears again, this time as a possible cause for the Bitcoin market drop from Dec. 2017.

Trustee Sales Linked to Bitcoin Price Drops

Information that Mt. Gox trustees have sold over half a billion worth of Bitcoin and Bitcoin Cash is blowing up on social media platforms across the net. Investors are correlating the sales to drops in the market price of Bitcoin on an instance by instance basis starting in December.

As the Mt. Gox addresses are well known it has been possible to track the sales as they have affected the market. On December,18 2,000 coins were sold by the trustees and Bitcoin dropped from $19,000 to $18,000 and then continued to fall after each sale.

On the 22nd of the month, the Trust moved 6,000 coins and the market price plummeted from $16,000 to $10,8000. Then after giving the market some time to recover another sale on January 17 of 8,000 coins sent the market crashing again.

This pattern repeats until a final sale on February 5 of 18,000 coins sent Bitcoin price to it’s lowest point of $6,000 from which it has been slowly recovering from since.

Though the sales may not be wholly responsible for the price drops as the addresses are public and therefore probably watched by speculators the bulk sales could have incited others to follow thus flooding the market with coin causing the price to drop.

The brunt of the blame has landed on the shoulders of attorney Nobuaki Kobayashi who in his role as bankruptcy trustee for Mt. Gox has been liquidating the cryptocurrency to pay off creditors.

Alistair Milne a self-described Bitcoin evangelist has listed the addresses and sales on his twitter feed.

Mt. Gox Hack Continues to Affect Market

The effects of Mt. Gox which suffered the largest cryptocurrency hack in history in 2011 losing roughly half a million Bitcoin continue to linger and seemingly negatively affect the market.

Launched in 2010 Mt. Gox quickly became the worlds largest exchange handling Bitcoin in the burgeoning market. As a result of the $450 million hack though it was forced into bankruptcy in 2014 taking a lot of peoples assets with it.

For most investors that lost money in the Mt. Gox collapse the fact that Mark Karpeles CEO of the exchange will get any proceeds left once creditors are paid off feels like insult after injury.

Kobayashi still has 1.9 billion in Bitcoin to liquidate and that is generating a mass of comments on platforms like Reddit and Twitter about future price drops to come.

09.03.2018 / 01:15 78
Bitcoin Briefly Drops to $9,000: Factors Behind the Decline Bitcoin Briefly Drops to $9,000:
On March 8, the price of bitcoin dropped to $9,000, after reaching $11,000 merely 48 hours ago. Analysts have attributed three major factors to the
Bitcoin Drops Below $10,000 In Hours As Volatile Cycle Continues Bitcoin Drops Below $10,000 In Hours As
Enthusiasm is weak in Bitcoin markets once more Thursday as prices hit weekly lows of $9658. Bitcoin prices fell below $10,000 Thursday as a bear
Bitcoin Price Hit 2018 Lows Because Of $400 mln Mt.Gox Sell-Off: Reports Bitcoin Price Hit 2018 Lows Because Of
Bitcoin markets “absorbed” the impact of Mt. Gox trustees selling almost half a billion dollars worth of BTC and BCH in recent months. Bitcoin
Is the Legacy of Mt. Gox Still Impacting the Price of Bitcoin? Is the Legacy of Mt. Gox Still
Nobuaki Kobayashi, a Japanese attorney and trustee in the bankruptcy case of Mt. Gox, has stated today that he has sold over $400 million worth of
Mt Gox Trustee Sells $400 Million in Bitcoin and Bitcoin Cash Mt Gox Trustee Sells $400 Million in
As much as $400 million in cryptocurrencies was sold in the past few months by the bankruptcy trustee of the now-defunct Japanese bitcoin exchange Mt
Cryptocurrency Market Erases Yesterday’s Gain, Ripple Drops 11% Cryptocurrency Market Erases
Yesterday, on March 6, the global cryptocurrency market moved closer to the $500 billion mark, as it peaked at $475 billion. Today, the market
Comments (0)
Add a comment
Comment on