Why Bitcoin Price is Going in Bottom

in #bitcoin3 years ago

Why Bitcoin Price is Going in Bottom

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According the given info, Noubaki Kobayashi, the trustee of MtGox, has sold sold $400 million in both Bitcoin and Bitcoin Cash.

Details are posted on the above website. Especially noteworthy is that the bankruptcy trustee sold approximately 35,000 BTC and 35,000 BCH, and therefore obtained more than 40 billion yen (400 million dollars) from December 2017 through February 2018, says the report.

MT Gox’s bitcoin addresses are well known as blockchain detectives spent months analyzing them.

One such address shows 2,000 bitcoin held by the trustee were moved on December 18th. On that very day, bitcoin’s price stood at $19,000, briefly fell to $18,000, and then continued to fall in subsequent days :

️22th of December— there were sold 6000 bitcoins.

️17th of January — there were sold 8000 bitcoins.

️31th of January — there were sold 6000 bitcoins.

️5th of February — there were sold 6000 bitcoins.

️The bitcoin sell-off, therefore, appears to have been specific to the coin as the sale of half a billion would have placed significant pressure on the price. Which means this is arguably the fourth time now that MT Gox crashes bitcoin.

The first time was in 2011 when MT Gox was hacked.

And some good news: The court prohibited Noubaki Kobayashi to sell the rest of his bitcoins till the end of September, 2018. And, for sure(let’s hope), this will have a positive effect on Bitcoin’s rate.

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